Jio Financial Services’ Q3 Net Profit Declines 56% to Rs 294 Crore
- ByStartupStory | January 16, 2024
Jio Financial Services Ltd reported a 56% decline in consolidated net profit to Rs 294 crore for the third quarter ending December 2023, compared to the previous quarter. The company’s consolidated net profit stood at Rs 668 crore in the second quarter of the current fiscal year, as per a regulatory filing.
The company’s revenue also decreased to Rs 414 crore from Rs 608 crore in the September quarter. For the nine months ending December, the company’s net profit was Rs 1,294 crore, the filing added.
Total expenses rose sequentially to Rs 98.95 crore from Rs 71.43 crore in the previous quarter.
Jio Financial Services, a division of Reliance Industries Ltd, is involved in investing and financing, insurance broking, payment bank and payment aggregator, and payment gateway services. The company has entered into a joint venture with BlackRock to venture into the asset management industry, with an application made to the Securities and Exchange Board of India on October 19, 2023, to start a mutual fund business.
The company also plans to expand into the insurance segment and introduce new products such as loans against property, home loans, leasing, and supply chain financing.
Jio Financial Services has appointed Rupali Adhikari Sawant as Group Head – Internal Audit and Sudheer Reddy Govula as Group Chief Compliance Officer.
On the stock market, the company’s shares closed at Rs 266.80 per unit, marking a 4.55% increase on the BSE.
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