The Anil Ambani-controlled Reliance Capital Thursday announced its first-quarter results ending June 30, 2019. The company's consolidated net profit jumped four-fold at Rs 1,218 crore in the April-June quarter of FY20 (2019-20) as against Rs 295 crore profit in the corresponding period a year earlier.
The financial services company's total income rose 31% to Rs 6,083 crore during the quarter as compared to Rs 4,641 crore in the year-ago period. The company's total assets amounted to Rs 79,207 crore as on June 30, 2019. They were Rs 83,973 crore a year ago.
Reliance Capital has interests in asset management and mutual funds, pension funds, insurance, finance, stockbroking, distribution of financial products, asset reconstruction, proprietary investments and other financial services.
The financial services businesses of Anil Ambani are facing crises as the rating agencies doubt the group's ability to repay the debts. As of March 31, 2019, Reliance Capital had net debt of Rs 46,400 crore.
The Reliance Group in June had claimed that over Rs 35,000 crore of loans - principal of Rs 24,800 crore and interest payments of Rs 10,600 crore - have been paid back in the last 14 months and all future payment obligations will be met in a timely manner.
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today