Jio Financial Slides 2% After Q1 Profit Misses Estimates

16 Jul 2024 , 01:54 PM

Jio Financial Services’ shares fell nearly 3% on Tuesday to a day low of ₹346.80 after the company reported a 6% year-on-year (YoY) fall in net profit for the quarter ended June 2024.

The net profit for Q1FY25 was ₹313 Crore, compared to ₹332 Crore reported by the company during the same period previous year.

Total revenue from operations for the reported quarter was ₹418 Crore, a 0.9% increase over ₹414 Crore reported in the previous year. Interest income for the reported quarter was ₹162 Crore, down from ₹281 Crore in Q4FY24 and ₹202 Crore in Q1FY24.

Profit after tax (PAT) increased by 0.64% from ₹311 Crore in the preceding quarter.

Meanwhile, sales fell marginally from ₹418 Crore reported in the January-March quarter.

Jio Financial Services has partnered with 31 insurance firms to launch digital vehicle and two-wheeler insurance on the JioFinance app. It also created Metro Cash & Carry for shopkeeper insurance, and sales through the institutional channel increased.

Since its IPO on the exchanges on August 21, 2023, the stock has risen more than 40%, with Jio Financial shares up 48% year to date.

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