Jio Financial Services on Friday reported 6% sequential growth in consolidated net profit to Rs 311 crore for the quarter ended March 2024. It was Rs 294 crore in the preceding December quarter.
Consolidated revenue from operations was flat at Rs 418 crore as against Rs 414 crore in the previous quarter.
Total expenses for the March quarter were Rs 103 crore compared with Rs 98 crore in the September quarter.
For the full year ended March 2024, the financial services company\’s net profit grew multi-fold to Rs 1,604 crore as against just Rs 31 crore in FY23.
Revenues for FY24 also jumped many times to Rs 1,854 crore. The same was at Rs 42 crore in the preceding fiscal.
Total expenses for the March quarter were Rs 103 crore compared with Rs 98 crore in the quarter before.
For the full year ended March 2024, the financial services company\’s net profit grew multi-fold to Rs 1,604 crore as against just Rs 31 crore in FY23.
Revenues for FY24 also jumped many times to Rs 1,854 crore. The same was at Rs 42 crore in the preceding fiscal.
The consolidated earnings of Jio Financial include that of its subsidiaries, associates, and joint ventures. These are Jio Finance, Jio Payment Solutions, Reliance Industrial Investments and Holdings, Jio Insurance Broking, Jio Infrastructure Management Services, Jio Information Aggregator Services, Reliance Services and Holdings, Petroleum Trust, and JV firm Jio Payments Bank.
Interest income for the fourth quarter rose to Rs 281 crore, compared with Rs 269 crore in the third quarter. Meanwhile, the fee and commission income increased to Rs 41 crore.
Earlier this week, Jio Financial announced that it signed an agreement with the asset management firm BlackRock, Inc for the launch of their wealth management and broking business.
The joint venture could potentially strengthen the JFSL relationship with BlackRock, Inc., with whom it had announced a 50:50 joint venture in July 2023 to transform India’s asset management industry through a digital-first offering and democratize access to investment solutions for investors in India.
The newly formed JV may compete with bank-led wealth management firms and firms like BNP Paribas Wealth Management, 360 One, Nuvama, and Avendus, among others.
On Friday, Jio Financial shares closed 2.2% lower at Rs 370 on NSE.
