Reliance Capital, which is under insolvency proceedings, on Friday reported a narrowing of its consolidated net loss at Rs 1,759 crore in the quarter ended December 2021.
The company had posted a net loss of Rs 3,966 crore in the same quarter a year ago. However, net loss widened from Rs 1,156 crore in the preceding quarter ended September 2021.
The total income of the company stood at Rs 4,083 crore in Q3 FY22, down from Rs 4,890 crore in Q3 FY21, Reliance Capital said in a regulatory filing.
The company's expenses, higher than the earnings, stood at Rs 5,658 crore in the December 2021 quarter.
Its expenses stood at Rs 8,662 crore in December 2020 quarter, and Rs 6,981 crore in September 2021 quarter.
The Reserve Bank had superseded the board of directors of Reliance Capital in November 2021 and appointed Nageswara Rao Y as the administrator, followed by a three-member advisory committee formation to assist the administrator in discharging of his duties.
In early December, following an order of the National Company Law Tribunal (Mumbai branch), Corporate Insolvency Resolution Process (CIRP) was initiated against the company under the Insolvency and Bankruptcy Code, 2016.
The company has defaulted on repayment of its obligations to the lenders and debenture holders.
