Jio Financial Services Q1 PAT Declines nearly 6%, Revenue Marginally up
Jio Financial Services on Monday, July 15, reported a 5.8% year-on-year decline in its consolidated net profit of Rs 312.63 crore for the first quarter ended June 30, 2024, compared to Rs 331.92 crore in the corresponding quarter last year.
Key Takeaways from Jio Financial Services Performance
- Jio Financial Services reported a 5.8% Y-o-Y decline in its consolidated net profit of Rs 312.63 crore for the quarter that ended June 2024 compared to Rs 331.92 crore in the corresponding quarter last year.
- The company's sales rose 0.9% to Rs 417.8 crore compared to Rs 414.13 crore in the corresponding period of the preceding fiscal year.
- Total expenses for the quarter ended June stood at Rs 79 crore from Rs 54 crore in the quarter ended June 2024.
Sequentially, the net profit increased 0.6% from Rs 310.63 crore it reported in the quarter ended March 2024.
The company's revenue from operations increased 0.9% to Rs 417.8 crore compared to Rs 414.13 crore in the corresponding period of the preceding fiscal year. Total expenses for the quarter ended June increased to Rs 79 crore from Rs 54 crore in the same quarter of the last year.
In July, Jio's subsidiary Jio Finance Limited introduced a mutual fund loan and a house loan product. In June, a different branch started renting out airfiber equipment. The other subsidiary, Jio Insurance Broking Limited, stated it has partnerships with thirty-one insurance providers.
Jio Financial Services, a 50:50 joint venture with BlackRock, will shortly offer wealth management and brokerage activities, the company announced.
Jio Financial Services notified the exchanges last week that the Reserve Bank of India has approved its conversion from a "Non-Banking Financial Company" (NBFC) to a "Core Investment Company."
Jio Financial Services applied to the RBI in November of last year to change its status from that of an NBFC to a Core Investment Company. November 21, 2023, was the date of this disclosure to the exchanges.
About Jio Financial Services Limited
On July 22, 1999, Jio Financial Services Limited was founded under the name Reliance Strategic Investments Private Limited. On January 14, 2002, the name was subsequently modified to Reliance Strategic Investments Limited. On July 25, 2023, the company's name was once again altered to "Jio Financial Services Limited." The Reserve Bank of India has recognised Jio Financial Services as a systemically important non-deposit-taking non-banking financial company. Jio Finance Limited (JFL), Jio Insurance Broking Limited (JIBL), Jio Payment Solutions Limited (JPSL), and a joint venture called Jio Payments Bank Limited (JPBL) are among the company's subsidiaries.
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