Reliance Capital Q2 net jumps 20%
Anil Ambani group firm Reliance Capital on Wednesday reported a 20 per cent jump in net profit during the second quarter this fiscal on strong growth in mutual fund, insurance and brokerage businesses.
The standalone net profit stood at Rs 201 crore during the quarter ended September 30 from Rs 167 crore in the same period last financial year. Total income grew 76 per cent at Rs 391 crore in the quarter compared to Rs 223 crore in the year-ago period, the company said in a statement.
On consolidated basis, the group's net profit witnessed a jump of four per cent to Rs 200 crore compared to Rs 192 crore in the same period last fiscal. Total income increased 77 per cent to Rs 953 crore in the quarter under review, as against Rs 537 crore in the corresponding period last fiscal.
During the first half this fiscal, the group posted a 72 per cent jump in net profit at Rs 525 crore compared to Rs 305 crore in the same period of 2006-07.
Total income of the financial services group more than doubled to Rs 2,129 crore in the first six months this fiscal from Rs 893 crore in the corresponding period last fiscal.
The group's life insurance business posted a more than two-fold growth in new business premium at Rs 650 crore for the first half year this year as against Rs 246 crore in the corresponding period. The general insurance business also saw gross premium more than double to Rs 946 crore as compared to Rs 348 crore in the previous period, the statement said.
Assets under management of Reliance Mutual Fund, a part of Reliance Capital, increased to Rs 70,441 crore as on September 30, while it was at Rs 28,648 crore in the same period last year.