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Reliance Capital reports consolidated net loss of Rs 239 cr in Q2

Reliance Capital reports consolidated net loss of Rs 239 cr in Q2

| @indiablooms | 09 Nov 2023, 12:28 am

Mumbai: Reliance Capital reported a consolidated net loss of Rs 239 crore for the quarter ending on September 30, 2023-24.

In the same period last year, it had recorded a net profit of Rs 215 crore.

According to a regulatory filing by Reliance Capital, total income increased from Rs 5,796 crore to Rs 6,393 crore in the second quarter compared to the previous year.

Total expenses also saw an uptick, rising to Rs 6,679 crore from Rs 5,756 crore in the corresponding quarter of the previous year. On a standalone basis, the company's loss expanded from Rs 26 crore to Rs 442 crore year-over-year.

Since November 29, 2021, when the Reserve Bank of India (RBI) took control of Reliance Capital's board due to payment defaults and severe governance issues, the company has been undergoing insolvency proceedings.

Nageswara Rao Y was appointed by the RBI as the administrator overseeing the corporate insolvency resolution process for the firm.

Reliance Capital is the third major non-banking financial company against which the central bank has initiated bankruptcy proceedings under the IBC.

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