Jio Financial Services Q2 Results: Net Profit Rises 101 Per Cent To Rs 668 Crore

Total income rose by 46.8 per cent to Rs 608 crore from Rs 414 crore in Q1FY24

This is the first quarterly result after Jio Financial Services listed on the exchanges in August. ( Image Source :Getty )

Jio Financial Services on Monday clocked a net profit of Rs 668 crore for the July-September period, a jump of 101 per cent from the previous quarter. This is the first quarterly result after Jio Financial Services listed on the exchanges in August.

JioFin, the non-banking financial company’s (NBFC), which was part of Mukesh Ambani's Reliance Industries. The firm’s total income was at Rs 608 crore for the quarter. Whereas the lender's interest income was at Rs 186 crore, dropping from Rs 202 crore in the April-June FY24 quarter.

Total income rose by 46.8 per cent to Rs 608 crore from Rs 414 crore in Q1FY24. Expenses went up by 32.7 per cent at Rs 71.43 crore from Rs 53.81 crore quarter on quarter.

On a standalone basis, the company's revenue fell by 31 per cent to Rs 148.9 crore from Rs 214.57 crore in Q1FY24. Profit stood at Rs 88.76 crore, compared to Rs 2.03 crore last year during the same period.

According to data on the exchanges, the lender’s total market capitalisaton is at Rs 1.43 lakh crore.

Additionally, the company in an exchange notification also said that AR Ganesh is appointed as the Group Chief Technology Officer w.e.f. October 16, 2023. Earlier, Ganesh was the Chief Information Security Officer (CISO) at ICICI Bank having overall oversight on Cybersecurity.

Shares of Jio Financial Services closed for trading on October 16 at Rs 224.85 a piece on BSE, 0.13 per cent up.

Meanwhile, ICICI Securities, a part of the ICICI Group, on Monday reported a 41 per cent year-on-year growth in profit after tax to Rs 424 crore in three months ended September. In comparison, the company had posted a PAT (profit after tax) of Rs 300.4 crore in the year-ago period, the brokerage house said in a filing to stock exchanges.

Total income surged 44 per cent year-on-year to Rs 1,249 crore in the quarter under review, from Rs 865.63 crore in the second quarter ended September 2022, led by growth in broking income with cash and derivative segment gaining momentum along with growth in investment banking segment.