New Delhi: There is very good news for the debt-ridden Anil Ambani Group. Reliance Capital, a company owned by Anil Dhirubhai Ambani Group (ADAG), has quadrupled its profits in the first quarter of this fiscal. The company's total revenue has also registered a growth of 31 percent during the period.
Reliance Capital's net profit in the April-June quarter of FY 2019-20 has been Rs 1,218 crore, compared to Rs 295 crore in the same period a year ago. However, the company suffered a loss of Rs 1,454 crore in the last financial year. This is because Reliance Capital had provisioned Rs 2,104 crore for its subsidiary Reliance Commercial Finance Limited due to a financial sector problem.
The company's total revenue has increased by 31 percent to Rs 6,083 crore during the period. The total revenue of the company during the same period of the last financial year has been Rs 4,641 crore. However, the company's total assets have registered a decline during the period. As on June 30, 2019, the company's total assets stood at Rs 79,207 crore, compared to Rs 83,973 crore a year ago.
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