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Jio Financial Services Q4 results: Net profit jumps 6% to Rs 311 crore

Jio Financial Services shares on Friday ended 2.17% lower at Rs 370 on BSE

Jio Financial Services

Photo: Bloomberg

Ruby Sharma

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Jio Financial Services on Friday reported a net profit of Rs 311 crore for the January-March quarter of financial year 2023-24 (Q4FY24). This was a 6 per cent increase from Rs 294 crore reported during the December quarter.

The company’s consolidated revenue for the fourth quarter was Rs 418 crore, 0.9 per cent up from Rs 414 crore reported in the previous quarter.

Jio Financial Services shares on Friday ended 2.17% lower at Rs 370 on BSE. 

On an annual basis, the company's consolidated net profit jumped multi-fold to Rs 1,605 crore in FY24 against Rs 31 crore in the preceding fiscal, Jio Financial Services said in a regulatory filing.

Its expenses also increased marginally to Rs 103 crore against Rs 99 crore in the third quarter.

Jio Financial Services is engaged in the business of investing and financing, insurance broking, payment bank and payment aggregator, and payment gateway services.

Earlier this week, Jio Financial announced a 50:50 joint venture with BlackRock for setting up a wealth management and broking business.

The company and BlackRock have already agreed to form a joint venture to enter into the asset management industry.

Top-level hiring for AMC is in progress, it said, adding that infrastructure and tech platforms identified for the fund house.

It is in the implementation stage, it noted.

With regard to its payments bank, it has introduced debit cards and launched a revamped Digital Savings Account.

(With agency inputs)

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First Published: Apr 19 2024 | 6:17 PM IST

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