Reliance Capital Ltd reported a consolidated 194 per cent increase in net profit to Rs 133 crore for the quarter ending June 30, 2013, primarily driven by increase in the top line of insurance and asset management businesses.
The consolidated income of the diversified financial services major grew 16 per cent during the quarter under review to Rs 1,938 crore.
The income for Reliance Capital Group includes income from finance & investments, asset management, general insurance and commercial finance.
As of June 30, 2013, the total assets of the company stood at Rs 42,155 crore, an increase of 12 per cent.
The bottomline performance at the consolidated level was driven by performance of asset management, life insurance and general insurance businesses.
Reliance Capital Asset Management (RCAM)
RCAM managed Rs 1,78,821 crore as of June 30, 2013, across mutual funds, pension funds, managed accounts and offshore funds.
The average assets under management (AAUM) of Reliance Mutual Fund for the reporting quarter stood at Rs 97,771 crore, a year-on-year increase of 21 per cent.
Reliance Mutual Fund (RMF) is among the top two mutual funds in India, in terms of AUM, with market share of nearly 12 per cent, according to the company.
RCAM’s income from its operations was Rs 212 crore for the quarter ended June 30, 2013, a YoY increase of 39 per cent. The profit before tax was Rs 77 crore for the reporting quarter with a YoY increase of 32 per cent.
Reliance Life Insurance
RLI reported a profit of Rs 56 crore for the quarter ended June 30, 2013, with a YoY increase of 196 per cent. The declared results of Reliance Capital include consolidation of 48 per cent stake in Reliance Life Insurance.
Total funds under management, as of June 30, 2013, stood at Rs 18,007 crore. Reliance Life Insurance has 10 per cent market share in the private sector life insurance industry, the company said.
Total premium (net of reinsurance) was Rs 910 crore for the quarter ended June 30, 2013.
Reliance General Insurance
Reliance General Insurance (RGI) offers insurance solutions for auto, health, home, property, travel, marine, commercial and other speciality products. The profit for the quarter was Rs 10 crore as against a loss of Rs 20 crore for the quarter ended June 30, 2012.
The gross written premium for the quarter ended June 30, 2013, was Rs 706 crore, a YoY increase of 25 per cent.
At the end of June 30, 2013, the investment book stood at Rs 3,434 crore, a YoY increase of 20 per cent.
Reliance Commercial Finance
Reliance Commercial Finance's (RCF) product portfolio includes home loans, loans against property, SME loans, vehicle loans and Infrastructure financing.
The focus for RCF continues to be on asset-backed lending and productive asset creation. Disbursements for the quarter ended June 30, 2013, were Rs 1,653 crore and the assets under management (including securitised portfolio) in the same period was Rs 15,906 crore, a YoY increase of 5 per cent.
RCF achieved a profit before tax of Rs 83 crore for the quarter, as against Rs 66 crore for the corresponding previous period with a YoY increase of 25 per cent.
The key focus is on the business verticals of equity & commodity broking and wealth management.
The business had revenues of Rs 54 crore for the quarter ended June 30, 2013.
Shares of the company closed at Rs 360.85 a unit, down 2.76 per cent on the BSE in a weak Mumbai market.
(Edited by Sanghamitra Mandal)