Encouraged by good performance across all its businesses in 2013-14, diversified financial services major Reliance Capital Limited (RCL) sees better tidings on the bottomline front this fiscal.
“Despite a tough economic environment, we will this fiscal surpass the net profit of 2013-14”, Sam Ghosh, Chief Executive Officer, Reliance Capital told Business Line after the 2013-14 results announcement.
For the entire 2013-14, RCL on Friday reported a consolidated net profit of ₹747 crore.
This (2013-14) was the first year (after two consecutive years of stake sale) where the company had not booked any extraordinary capital gains from stake sale in any of its businesses, Ghosh said. “All our four core businesses had performed well in 2013-14 and general insurance in particular recorded its first full year of profits”.
For the fourth quarter ended March 2014, Reliance Capital reported a consolidated net profit of ₹267 crore.
This represented a 40 per cent increase over the adjusted consolidated net profit of ₹190 crore recorded in the same quarter last fiscal.
Q4 numbers The company has now decided to account for the profits (policyholders surplus) arising from its life insurance business twice in a fiscal. Without this adjustment, RCL’s consolidated net profit for the quarter under review was flat when compared to the reported net profit of ₹265 crore in the same quarter last fiscal.
RCL’s total income for the fourth quarter ended March 2014 came in at ₹1,848 crore, a 9 per cent increase over total income of ₹1,691 crore recorded in same quarter last fiscal.
The board of directors of RCL today declared a dividend of ₹8.50 per share for 2013-14. It was ₹8 per share for 2012-13.