Tata Capital posts profit rise in first results since listing

Tata Capital, the non-bank financial arm of the Tata Group, reported a 37.3 billion rupee profit for the July-Sept quarter, compared with 10.76 billion rupees a year earlier. Revenue from loan operations rose 12.3% to 75.18 billion rupees, bolstered by a revival in retail and corporate credit. The company listed recently via a large equity raising and now aims to scale its retail lending and SME business in a higher interest rate regime. The share market’s reaction was muted given supply of new stock and investor focus on margins.