Jio Financial Services Q3 Results: Net Profit Slumps 56 Per Cent To Rs 294 Crore

Shares of Jio Financial Services Ltd on Tuesday plunged by over 6 per cent after the firm announced its Q3 earnings

Jio Financial Services Ltd on Monday logged a 56 per cent decline in its consolidated net profit at Rs 294 crore for the third quarter (Q3) ended December 2023, compared to the previous quarter. JioFin had earned a consolidated net profit of Rs 668 crore in Q2 of the current fiscal, the company said in a regulatory filing.

JioiFin's revenue also moderated to Rs 414 crore, from Rs 608 crore in the September quarter. For the nine months ended December, the company's net profit stood at Rs 1,294 crore, the filing said. The company's total expenses increased sequentially to Rs 98.95 crore, against Rs 71.43 crore in the previous quarter.

Shares of Jio Financial Services Ltd on Tuesday plunged by over 6 per cent after the firm announced its Q3 earnings. The stock declined 6.25 per cent to Rs 250.10 on the BSE. At the NSE, it fell 5.67 per cent to Rs 251.60.  

Jio Financial Services, carved out from Reliance Industries Ltd, is engaged in the business of investing and financing, insurance broking, payment bank and payment aggregator and payment gateway services.

Jio Financial Services and BlackRock have agreed to form a joint venture to enter into the asset management industry.

Accordingly, the JV company made an application to the Securities and Exchange Board of India (SEBI) on October 19, 2023, for starting a mutual fund business. The company also has plans to enter the insurance segment. With regard to new products, it said, loans against property and home loans are in the pipeline. It also plans to launch leasing business and supply chain financing.

The company has approved the appointment of Rupali Adhikari Sawant as Group Head, Internal Audit and Sudheer Reddy Govula as Group Chief Compliance Officer.