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Reliance Capital’s net profit of Rs 135cr, increase of 86%

This article was posted on Feb 24, 2008 and is filed under Press Releases

Reliance Capital Limited (RCL) today announced its unaudited financial results for the nine months ended December 31, 2007. The performance highlights are:

Standalone – Quarter

· Total Income of Rs 376 crores (US$ 95 million), against Rs.121 crores in the corresponding previous period, an increase of 210%
· Net Profit of Rs 135 crores (US$ 34 million), against Rs.73 crores in the corresponding previous period, an increase of 86%
· Earning per share (EPS) of Rs 5.68 (US$ 0.14), against Rs.2.95 in the corresponding period previous year, an increase of 93%
· Total Assets of the company stood at Rs 12,364 crores (US$ 3.1 billion)

Standalone – Nine months

· Total Income of Rs 1,281 crores (US$ 317 million), against Rs 477 crores in the corresponding previous period, an increase of 169%
· Net Profit of Rs 639 crores (US$ 158 million), against Rs 334 crores in the corresponding previous period, an increase of 91%
· Earning per share (EPS) of Rs 26.01 (US$ 0.64), against Rs 13.64 in the corresponding period previous year, an increase of 91%

Consolidated – Quarter

· Total income of Rs 1,156 crores (US$ 293 million), against Rs 436 crores in the corresponding period, an increase of 165%
· Net profit of Rs 118 crores (US$ 30 million), against Rs 92 crores in the corresponding period, an increase of 28%
· Earnings per share of Rs 4.86 (US$ 0.12) as against Rs 3.75 in the corresponding period, an increase of 28%

Consolidated – Nine months

· Total income of Rs 3,284 crores (US$ 813 million), against Rs 1,329 crores in the corresponding period, an increase of 147%
· Net profit of Rs 643 crores (US$ 159 million), against Rs 397 crores in the corresponding period, an increase of 62%
· Earnings per share of Rs 26.06 (US$ 0.65), against Rs 16.20 in the corresponding period, an increase of 61%

Net worth:

As on December 31, 2007, the net worth of the company stood at Rs 5,797 crores (US$ 1.5 billion) .

The company ranks among the top 3 Indian private sector financial services groups in terms of net worth.

Credit Rating:

The Company has a debt equity ratio of 1.03 as on December 31, 2007, and enjoys the highest top-end ratings of ‘A1+’ and ‘F1+’ by ICRA and FITCH, respectively.

Operational Review:

As on December 31, 2007, the total assets of the company stood at Rs 12,364 crores (US$3.1 billion) .

The investment portfolio as on December 31, 2007, amounted to Rs 3,609 crores (US$ 916 million), at cost.

The company has not raised any fixed deposits from the public.

Group Companies:

Reliance Mutual Fund (RMF)
Reliance Capital Asset Management (RCAM)

The assets under management, increased to Rs 80,779 crores (US$ 20.5 billion) as on December 31, 2007 from Rs 36,929 crores as on December 31, 2006, an increase of 119%. RMF is the largest mutual fund in the country . The number of investors increased to nearly 44 lakhs as on December 31, 2007, highest amongst the private sector mutual funds.

The net profit of RCAM was Rs.56 crores (US$ 14 million) for the nine months ended December31, 2007, after providing for a one-time expense borne by RCAM, towards the launch of a new fund offering.

Reliance Life Insurance

The New Business Premium Income was Rs 1,387 crores (US$ 343 million) for the nine months as against Rs .416 crores in the corresponding previous period , an increase of 234%.

Reliance Life offers 23 products, of which 18 are targeted at individuals and 5 at group business. Reliance Life is committed to attaining leadership rankings in the industry within the next few years .

Reliance General Insurance

Gross Direct Premium for the nine months ended December 31, 2007 was Rs 1,524 crores (US$ 377 million) as against Rs. 611 crores in the corresponding previous period, an increase of 149%.

Reliance General Insurance (RGI) offers auto insurance, health insurance, home insurance, property insurance, travel insurance, marine insurance, commercial insurance and other speciality insurance products.

Reliance Money

Reliance Money formally commenced operations in April 2007. Reliance Money has 385,000 customers and distribution network of 4,400 outlets in over 3,500 locations.

Reliance Money is a comprehensive financial services and solutions provider, providing customers with access to equities, equity options and commodities futures, mutual funds, IPOs, life and general insurance products, offshore investments and credit cards.

Reliance Consumer Finance

Reliance Consumer Finance commenced operations in May 2007 and has disbursed loans of Rs.3,730 crores (US $ 946 million ) till December 31, 2007.

Reliance Consumer Finance marks the entry of Reliance Capital into the expanding consumer finance segment with a wide range of products which include Personal loans, Vehicle loans (car, two-wheeler and commercial), Home loans, Loan against property and SME loans.

Sourced from: Reliance – Anil Dhirubhai Ambani Group

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