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Reliance Capital back in green, nets Rs 329cr profit

MUMBAI: Boosted by the sale of stake in the life insurance business, profits in mutual funds and life insurance businesses as well as strong growth in commercial finance, ADAG’s Reliance Capital, the financial sector flagship company within Anil Ambani’s Reliance group, reported a consolidated net profit of Rs 329 crore during the quarter ending March 2012, compared to a net loss of Rs 6 crore during the same period last year.

During the quarter, Rel Cap’s consolidated total income rose by 25% to Rs 2,002 crore, the company said in a release. The company’s consolidated net profit would be Rs 507 crore if one-time provisioning for third party motor claims were not taken into account, it said. For the full year ending March 2012, Rel Cap reported a consolidated net profit of Rs 458 crore, a jump of 57% from last year. tnnRs 291 crore a year earlier, which came from a 20% rise in total income to Rs 6,627 crore from 5,536 crore during FY11. The company’s board has proposed a dividend of Rs 7.50 per share.

During the quarter, Nippon Life, the largest private life insurer in Asia, signed a deal with Rel Cap to buy a 26% stake in Reliance Mutual Fund for Rs 1,450 crore, valuing the assets management company at Rs 5,600 crore. The transaction is awaiting regulatory approvals, the company said.

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Posted by on May 20 2012. Filed under Business India News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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