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Reliance Capital reports widening of standalone net loss to `387 cr in June qtr

Reliance Capital reports widening of standalone net loss to `387 cr in June qtr

New Delhi: Reliance Capital on Friday reported widening of its standalone net loss to Rs 387 crore during the first quarter of the current fiscal.

The Anil Ambani-controlled firm had posted a net loss of Rs 116 crore in the same quarter of the previous financial year. It logged a net loss of Rs 2,501 crore in

the preceding quarter ended March 2020.

In 2019-20, the company had posted a standalone net loss of Rs 5,465 crore.

Total income (standalone) of the company also fell to Rs 277 crore in the April-June period of 2020-21 from Rs 363 crore in same period of 2019-20, Reliance

Capital (RCap) said in a regulatory filing.

Interest income remained nearly stable at Rs 268 crore from Rs 270 crore a year ago. Expenses rose by 39 per cent from a year ago to Rs 665 crore in Q1 FY21.

The company, which is engaged in finance and investment activities, did not provide the consolidated results.

Reliance Capital said it has defaulted in repayment of obligation of lenders and debenture holders and has incurred losses during the period, which indicate that material uncertainty exists that may cast a significant doubt on the company's

ability to continue as a going concern.

"The company is in the process of meeting its obligations by way of time bound monetisation of its assets in cognisance with debenture trustee and debenture holders and accordingly the financial results of the company has been prepared on going concern basis," it added.

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