Anil Ambani group firm Reliance Capital on Saturday said its profit fell 55 per cent to Rs 34.8 crore in the first quarter of the current fiscal.
The company’s consolidated income increased 18 per cent to Rs 1,492.1 crore during April-June quarter against Rs 1,266.9 crore in the year-ago period, Reliance Capital said in a statement.
The company said that it posted a “net profit of Rs 34.8 crore ($8 million), against Rs 77 crore in the corresponding period - a decrease of 55 per cent, mainly on account of higher interest rate environment”.
Operating profits from major businesses increased by 78 per cent to Rs 104.7 crore ($23 million) from Rs 58.7 crore for the corresponding period in the previous fiscal, it said.
As on June 30, 2011, the net worth of the company stood at Rs 7,834.5 crore ($2 billion).
The company ranks among the top 4 Indian private sector financial services groups in terms of net worth.