Reliance Capital on 25th October 2016, Monday registered a consolidated net profit of Rs 253 crores for the second quarter, up by 1 per cent from the year-ago period, as it made provision to beef up reserves in the general insurance business.
Reliance Capital’s total income increased to Rs 4,926 crores in the July to September quarter of the current fiscal, more than double from Rs 2,372 crores in the year-ago period, the Company said in a statement.
The Company has set aside Rs 74 crores for Reliance General Insurance. Excluding this amount, Reliance Capital’s second quarter profit rose 31 per cent to Rs 327 crores.
As on 30th September, 2016, the net worth of the company stood at Rs 15,913 crores, a surge of 11 per cent from the same period of the 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 Rs 147 crores in the second quarter of the current fiscal, a growth of 21 per cent from year-ago period. Reliance Commercial Finance reported a 4 per cent growth in profit before tax at Rs 74 crores, while the profit before tax of Reliance Home Finance too climbed by 4 per cent to Rs 32 crores and Reliance General Insurance registered a growth of 11 per cent in its profit to Rs 33 crores.
>The company’s broking and distribution business profit stood at Rs 21 crores in the July to September quarter, 2016-17 as against marginal profits in the corresponding previous period.
Reliance Capital share price currently trading at Rs 543.65, down by 0.74 per cent or 4.05 points. Reliance Capital is one of the top 500 shares as recommended by the research and analysis team of Dynamic Levels.
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