jio financial services results|jio financial services quarterly results:Reliance Industries Ltd-backed Jio Financial Services on Monday reported a net profit of ₹668.2 crore, doubling from the previous quarter on the back of higher income from operations.Jio Financial Services Ltd (JFS) on Monday said its second-quarter profit doubled to Rs 668 crore from the previous quarter in its first results report after being carved out from Mukesh Ambani-led Reliance Industries and listed on stock exchanges.
Consolidated profit after tax for the three months ended September 30 rose to Rs 668 crore from Rs 332 crore in the April-June quarter, JFS said in a regulatory filing.This is the first financial result of the company after it got listed on the stock exchanges on 21 August. Post the demerger of the financial services business of Reliance Industries, Jio Financial Services plans to enter consumer finance, asset management and insurance.
Jio Financial Services Quarterly Results
Jio Financial Services, on Monday, posted a net profit of Rs 668 crore for the July-September period in its first quarterly statement since listing on bourses in August, a 101% increase from the previous quarter.The company said its second-quarter profit doubled from the previous quarter, in its first results report after being carved out from Reliance Industries and listed on stock exchanges.
The non-banking financial company’s (NBFC) total income for the quarter was Rs 608 crore. The lender’s interest income was Rs 186 crore, down from Rs 202 crore in the April-June FY24 quarter.The company’s total revenues stood at ₹608 crore in the September quarter, up 47% from the sequential quarter. While interest income in Q2 was lower than Q1, a dividend income of ₹217 crore in the September quarter propped up total revenues.
jio financial services q2 results 2023
The company’s total expenses rose 33% quarter-on-quarter to ₹71 crore, primarily owing to higher employee expenses. The company has started to build a team to run the business. In fact, Reliance’s chairman and managing director Mukesh Ambani said at Reliance’s virtual annual general meeting in August that a “highly motivated leadership team is being built with a combination of financial industry experts and young leaders who are eager to take on big challenges.”
Shares of Jio Financial Services rose over 3 percent to ₹232 on BSE on Tuesday after the company’s profit doubled in the quarter ended September 2023 (Q2FY24) in its first results report after being carved out from Mukesh Ambani-led Reliance Industries.
Its consolidated net profit surged 101.3 percent to ₹668.18 crore in the quarter under review versus ₹331.92 crore in the previous quarter (Q1FY24) on the back of higher income from operations. Meanwhile, its total income rose 46.8 percent QoQ to ₹608 crore as against ₹414 crore in Q1FY24. The company’s total expenses rose 33 percent QoQ to ₹71 crore, primarily owing to higher employee expenses.