Reliance Capital Q3 net profit up 229 pc

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SME Times News Bureau | 11 Feb, 2012
Financial services major Reliance Capital Friday reported a 229 percent increase in net profit for the quarter ended Dec 31 at Rs.15.2 crore from Rs.4.62 crore in the like period of 2010-11.

The company in a regulatory filing to the Bombay Stock Exchange (BSE) said its total income rose by 90.56 percent in the quarter under review at Rs.757 crore from Rs.397.25 crore for the quarter ended Dec 31, 2010.

According to the firm, its provisions for non-performing assets (NPAs), which are counted under expenditure in the quarter ended Dec 31, came down by 36.85 percent at Rs.16.16 crore from Rs.25.59 crore in the corresponding quarter of 2010-11.

Segment-wise, the company said its revenue increased by 53.16 percent in the finance and investment business at Rs.344.14 crore from Rs.224.68 crore in the like period of last fiscal.

The cash flow rose by 136.73 percent in the commercial finance system to Rs.413.82 from Rs.174.80 crore in the quarter ended Dec 31, 2010.

Meanwhile, the company's consolidated net profit, which includes the result of other business like asset management, insurance, commercial finance, broking and distribution, declined by 43 percent at Rs.60.17 crore for the quarter ended Dec 31 from Rs.106.32 crore in the corresponding period of 2010-11.

The consolidated income increased by 16 percent at Rs.1,587 crore. The company's total assets rose by four percent at Rs.31,488 crore ($6 billion).

The company said in a statement that transaction of Rs.1,450 crore by Nippon Life to buy 26 percent stake in Reliance Capital Asset Management (RCAM) is expected to be completed soon.