Jio Financial Services' net profit up q-o-q by 6% in March quarter

22 Apr 2024 , 03:13 PM

For the quarter that concluded in March 2024, Jio Financial Services announced a 6% sequential increase in consolidated net profit to ₹311 Crore on Friday. In the December quarter its profit was ₹294 Crore.

Compared to the previous quarter’s ₹414 Crore, the combined revenue from operations was flat at ₹418 Crore.

The March quarter’s total expenses came to ₹103 Crore, while the September quarter’s expenses came to ₹98 Crore.

The financial services company’s net profit increased several times to ₹1,604 Crore for the full year that ended in March 2024 from just ₹31 Crore for the FY23.

In FY24, revenues too increased significantly, reaching ₹1,854 Crore. The previous fiscal year, it stood at ₹42 Crore.

Expenses for the March quarter totaled ₹103 Crore, up from ₹98 Crore in the previous quarter.

The financial services company’s net profit increased several times to ₹1,604 Crore for the full year that ended in March 2024 from just ₹31 Crore for the FY23.

In FY24, revenues too increased significantly, reaching ₹1,854 Crore. The previous fiscal year, it stood at ₹42 Crore.

The combined profits of Jio Financial comprise those of its joint ventures, affiliates, and subsidiaries. These include Petroleum Trust, Jio Payments Bank, Jio Insurance Brokering, Jio Infrastructure Management Services, Jio Payment Solutions, Reliance Industrial Investments and Holdings, Jio Finance, Jio Payment Aggregator Services, and Jio Infrastructure Management Services.

Compared to ₹269 Crore in the third quarter, interest income increased to ₹281 Crore in the fourth quarter. The revenue from fees and commissions rose to ₹41 Crore in the interim.

Jio Financial said earlier this week that it had entered into a partnership with BlackRock, Inc., an asset management company, to initiate their wealth management and brokerage venture.

The partnership might improve JFSL’s standing with BlackRock, Inc., with which it had announced a 50:50 joint venture in July 2023 with the aim of revolutionising the asset management sector in India with a digital-first offering and democratising Indian investors’ access to investment solutions.

The recently established joint venture could face competition from wealth management companies managed by banks as well as companies such as Avendus, 360 One, BNP Paribas Wealth Management, and Nuvama.

Jio Financial’s stock traded 3.31% higher at ₹382.35  on the NSE.

For feedback and suggestions, write to us at [e-mail]