Business
Jio Financial Services Reports Decline in Q3 Net Profits, Seeks Expansion in Finance Sector
Non-banking financial institution (NBFC), Jio Financial Services, a subsidiary of Reliance Industries Ltd, released its Q3FY24 results on Monday.
The company recorded a 56% decline in net profits for the quarter from INR 668.18 crore in Q2FY24 to INR 293.82 crore in Q3FY24. Additionally, the quarterly revenue slumped 32% from INR 608.04 crore in September 2023 to INR 413.61 crore in the period under review.
Despite the decline in Q3, Jio Financial Services witnessed significant growth in financial performance in the nine-month period ending December 2023 compared to the fiscal year ending March 2023. The net profit for the nine-month period jumped from INR 32.25 crore to INR 1,293.92 crore, while revenue saw a remarkable increase from INR 41.63 crore to INR 1,435.78 crore.
Jio Financial Services’ net interest income (NII) also showed positive growth, increasing by 44% quarter on quarter (QoQ) to INR 269.08 crore in Q3FY24. The NII for the nine-month period rose from INR 38.34 crore to INR 657 crore.
Post its demerger from Reliance Industries Ltd, Jio Financial Services is actively seeking expansion in multiple sectors, including consumer finance, asset management, and insurance.
The company recently made two key appointments, with Rupali Adhikari Sawant being named as Group Head of Internal Audit and Sudheer Reddy Govula as Group Chief Compliance Officer.
Shares of Jio Financial Services ended 4.55% higher on the BSE at INR 266.80 per share.
