Reliance Capital Q2FY24 result: Net loss at Rs 239 cr; revenue up 10%

The consolidated net loss of Reliance Capital in the quarter that ended on September 30 stood at Rs 239.32 crore. However, in Q2FY23, the consolidated net profit stood at Rs 215.23 crore. In Q1FY24, the net profit stood at Rs 434.46 crore.

The company's revenue from operations was up 10.29 per cent to Rs 6,392.6 crore during the quarter under review against Rs 5,795.8 crore last year. In the previous quarter, it had reported revenue from operations of Rs 5,957.1 crore. This is a rise of 7.31 per cent.

The total income for Q2FY24 came in at Rs 6,418.8 crore, compared to Rs 6,046.6 crore year-on-year (y-o-y), registering a rise of 6.15 per cent. On a quarter-on-quarter (q-o-q) basis, the total income was up 6.96 per cent. It was Rs 6,000.8 crore in Q1FY24.

Last month, it was reported that the Hinduja group is looking at alternative means of financing, including private credit, to fund its Rs 9,661 crore all-cash offer to acquire Reliance Capital. The Insurance Regulatory and Development Authority of India (Irdai) had rejected the collateral offered by the group to raise funds.

At 1:07 pm, the shares of Reliance Capital were trading at Rs 11.70.