Reliance Capital Q3 net profit down 43%

MUMBAI: Reliance Capital reported 43% decline in net profit to Rs 60 crore for the quarter ended December 31, 2011 from XX mainly due to losses in the general insurance space.

Reliance General insurance posted a loss of Rs 34 crore for the quarter. The life insurance arm made a profit of Rs 10 crore in the quarter. The commercial finance company saw 18% decrease in profit for the quarter.

The proceeds of over Rs 2,700 crore, from the 26% strategic stake sale of Reliance Life insurance to Nippon Life, were used to bring down debt at Reliance Capital. Net debt to equity ratio is at 2.27% as against 2.57 in the second quarter of the financial year.