Reliance Capital Q4 Net up 29%

Anil Ambani’s financial services firm Reliance Capital on Friday reported a 29% increase in its net profit to Rs. 526 Crore for the quarter ended 31 March 2016. The profit growth was boosted by the sale of its stake in the life insurance and asset management arm.

The non-banking finance company has set aside about Rs. 100 Crore as a one-off item for the creation of reserves for its life insurance arm. Excluding this, the net profit for the period under review was Rs. 415 Crore.

“Our asset management business and the commercial vehicle finance and housing finance business also contributed to the profit growth,” Sam Ghosh, Executive Director and Group CEO, Reliance Capital, said. He also said the profit was aided by Rs. 200 Crore due to the stake sale in insurance and asset management arm.

During the quarter, Reliance Capital has completed sale of additional 23% stake in Reliance Life Insurance to Nippon Life Insurance for Rs. 2,265 Crore and additional 14% stake in Reliance Capital Asset Management to Nippon Life Rs. 1,200 Crore.