Reliance Capital on Tuesday reported a narrowing of its consolidated net losses to Rs 491.40 crore in the quarter ended June 2022.

The company which is undergoing an insolvency process had reported a net loss of Rs 1,006 crore in the year-ago quarter ended June 2021.

Reliance Capital had reported losses of Rs 4,249.20 crore in the previous quarter ended March 2022.

The total income of the company fell to Rs 3,604.39 crore in April-June 2022-23 from Rs 4,447.52 crore in the same quarter of 2021-22, Reliance Capital said in a regulatory filing.

Total expenses in Q1FY23 stood at Rs 4,067.53 crore as against Rs 5,261.14 crore in the year-ago period.

In the Reserve Bank in November 2021 superseded the board of Reliance Capital (RCap) due to its weak financial position and debt defaults. It subsequently appointed an administrator to run the day-to-day affairs of the company.

RCap said it is undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 and the Financial results for the quarter ended June 30, 2022 has been prepared on going concern assumptions. PTI KPM MR

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