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Reliance Capital zooms consolidated net income to Rs 213 cr in Q3


Reliance Capital zooms consolidated net income to Rs 213 cr in Q3
Consolidated results are prepared in line with IndAS accounting standards even though insurance companies are not covered under IndAS, it said. Image Credit: Pixabay

Reliance Capital Wednesday said reported a consolidated net income of Rs 213 crore in the December quarter as against Rs 6 crore in the same period last year, primarily driven by the general insurance arm that chipped in with more than half the profit. However, the company said its total income fell to Rs 5,016 crore from Rs 5,386 a year ago while total assets grew 7 per cent to Rs 89,400 crore, the company said in a statement.

The company did not offer any reason for the drop in total income or the massive spike in net income. Consolidated results are prepared in line with IndAS accounting standards even though insurance companies are not covered under IndAS, it said.

The mutual fund arm Reliance Nippon Life Asset Management Company reported a net income of Rs 110 crore in the reporting quarter. Its assets under management rose 7 percent to Rs 4,14,362 crore as of December. The home finance business Reliance Home Finance said its loan book rose 26 percent to Rs 16,160 crore.

Reliance Nippon Life Insurance reported a new business premium growth of 13 percent at Rs 243 crore, while the renewal premium stood at Rs 793 crore, said the company which did not offer comparative numbers for the subsidiaries saying the numbers are not comparable due to the change in accounting methodology.

(With inputs from agencies.)

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