New Delhi: Reliance Capital on Monday reported a consolidated net profit of Rs253 crore for the second quarter, up 1% from the year-ago period, as it made provision to beef up reserves in general insurance business.
The company’s total income increased to Rs4,926 crore in the July-September quarter of the current fiscal, more than double from Rs2,372 crore in the year-ago period, Reliance Capital said in a statement.
The firm has set aside Rs74 crore for Reliance General Insurance. Excluding this amount, Reliance Capital’s second quarter profit rose 31% to Rs327 crore.
As on 30 September, this year, the net worth of the company stood at Rs15,913 crore, a surge of 11% from the same period last fiscal. The company said its board has approved a plan to list its home finance business on the stock exchanges. Reliance Mutual Fund’s profit before tax stood at Rs147 crore in the second quarter of the current fiscal, a growth of 21% from year-ago period. Reliance Commercial Finance reported a 4% growth in profit before tax at Rs74 crore, while the profit before tax of Reliance Home Finance too climbed by 4% to Rs32 crore and Reliance General Insurance registered a growth of 11% in its profit to Rs33 crore.
The company’s broking and distribution business profit stood at Rs21 crore in the July-September quarter, 2016-17 as against marginal profits in the corresponding previous period.
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.