Mumbai: Helped by its mutual fund, life insurance, brokerage and financial products distribution businesses, Reliance Capital posted a 11% rise in its net profit to Rs131.5 crore, for the third quarter of this fiscal.
The total operating income of the Anil Ambani group’s financial services arm jumped 36% to Rs1,572.9 crore in the quarter ended 31 December, 2008, from Rs1,155.6 crore in the year-ago period.
The company had a net profit of Rs118.1 crore in the year-ago quarter, it said in a statement.
Among its various group companies, Reliance Mutual Fund recorded a net profit growth of 36% to Rs26 crore for the quarter under review as against Rs19 crore in the year ago period.
However, the assets under management of Reliance Mutual Fund recorded a decrease of 11% at Rs70,2300 crore as on 31 December, from Rs78,906 crore a year ago.
In the life insurance segment, Reliance Life Insurance registered robust growth of nearly 57% as the policyholders funds under management increased to Rs4,495 crore as against Rs2,286 crore last year.
Meanwhile, Reliance Money has generated revenue of Rs102 crore for the quarter ended 31 December, as against Rs64 crore for the corresponding previous period, an increase of 60%.
As on 31 December, the net worth of the company stood at Rs7,249.6 crore making the company one of the top three private sector financial services groups in terms of net worth.
The total assets of the company, as on 31 December stood at Rs22,339.6 crore and the investment portfolio of listed entities stood at Rs1,802.6 crore.
The Reliance Consumer Finance (RCF) business posted a revenue of Rs322 crore for the December quarter this fiscal as against Rs139 crore a year ago.
RCF declared a profit of Rs14.6 crore for the quarter ended 31 December as against Rs26.4 crore in the corresponding period a year ago, due to high cost of borrowing and higher risk perception.
During the quarter, Reliance Capital received approvals from RBI and National Housing Bank to set up separate subsidiaries for consumer finance and home finance, respectively.
Besides, the company was also included in the S&P CNX Nifty on the National Stock Exchange.
For the nine months ended 31 December, the consolidated net profit of the company stood at Rs704 crore as against Rs643.5 crore, a rise of 9% from the year-ago period.
The total operating income of the company stood at Rs4429.2 crore as compared to Rs3283.3 crore, an increase of 35%.