Reliance Capital, a part of debt-ridden Anil Ambani-promoted Reliance Group, on Saturday reported narrowing of its consolidated net loss to Rs 1,649 crore in the fourth quarter ended March 2021. The company had posted a net loss of Rs 2,179 crore in the January-March quarter of the last fiscal.
Total consolidated income rose to Rs 5,163 crore in the quarter from Rs 3,780 crore in the year-ago quarter, Reliance Capital said in a regulatory filing. Total expenses also rose to Rs 6,564 crore as against Rs 5,846 crore in the corresponding quarter of last year.
On a standalone basis, the company posted a loss of Rs 3,865 crore as against Rs 2,501 crore at the end of same quarter a year ago.
Total income declined to Rs 2 crore from Rs 356 crore in the same period in the previous financial year.
The company had invited bids for all or part of RCL's stake of subsidiaries Reliance General Insurance, Reliance Nippon Life Insurance Company, Reliance Securities, Reliance Financial Limited and Reliance Asset Reconstruction Limited in December.
There are plans to sell 100 per cent stake in Reliance Securities and Reliance Financial Limited. The company has invited bids for 49 per cent stake in Reliance Asset Reconstruction Limited. It's 20 per cent stake in Indian Commodity Exchange (ICEX) has also been put on sale.
Monetization process is run under the aegis of Committee of Debenture Holders and the Debenture Trustee Vistra ITCL India Ltd - which represents 93 per cent of total outstanding debt of RCL pegged at Rs 20,000 crore.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today