Shares of Mukesh Ambani-led Jio Financial Services jumped 3% in Monday’s early trading session to Rs 381 after the company posted its Q4 results with a 6% quarter-on-quarter (QoQ) increase to Rs 311 crore in its net profit for the quarter ended March 2024 on Friday post market hours.
The reaction to the Q4 earnings can be seen today when the stock rose and hovered near its 52-week high of Rs 384.
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.
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.
Subsidiaries held by Jio Financial 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. The consolidated earnings of Jio Financial are inclusive of the subsidiaries stated formerly.
Jio Financial announced that it signed an agreement with the asset management firm BlackRock, Inc last week for the launch of its wealth management and broking business.
This joint venture will be a 50:50 joint venture that was announced 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.
Also read: Q4 results today: RIL among 15 companies to announce quarterly earnings
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