Rel Cap net profit plunges 56% | business | Hindustan Times
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Rel Cap net profit plunges 56%

business Updated: Jul 31, 2009 21:52 IST
HT Correspondent

Reliance Capital, the financial services arm of the Anil Dhirubhai Ambani Group (ADAG), posted a muted profit in the first quarter ended June 30, 2009. The company posted a net profit of Rs 151 crore for the quarter, a 56 per cent drop from Rs 343 crore a year earlier.

“The lower capital gains were booked in this quarter as we expect substantial gains from a planned stake sale in Reliance Life Insurance later this year,” a Reliance Capital spokesperson said, adding its subsidiary Reliance Life Insurance had shown healthy growth of 20 per cent.

Reliance Capital’s consolidated total income also decreased 3 per cent to Rs 1,469 crore. However, the company has posted growth in all its major businesses, with total customer base crossing 17 million.