Jio Financial Services (JFS) announced its first quarterly results on Monday. The company’s consolidated profit for the September quarter was ₹668.18 crore, which was a 101.3% increase from the previous quarter’s ₹331.92 crore. Total revenue from operations increased 47% from the June quarter to ₹608.04 crore.
JFS’s second-quarter results were its first since being carved out from Mukesh Ambani-led Reliance Industries and listed on stock exchanges.
Here are some other highlights from JFS’s second-quarter results:
- Total income was ₹608.04 crore
- Shares closed for trading on October 16 at ₹224.85 a piece on BSE, 0.13 percent up
- Fund houses that increased their respective holdings were Invesco (0.05% to 0.10%), Mahindra Manulife (0.05% to 0.10%), and Quant (1.07% to 1.10%)
Jio Financial Services Ltd (JFS) announced on Monday that its second-quarter profit has doubled to Rs 668 crore compared to the previous quarter. This is the first results report for JFS since it was separated from Reliance Industries, led by Mukesh Ambani, and listed on stock exchanges.
According to a regulatory filing, the consolidated profit after tax for the three months ending September 30 increased to Rs 668 crore from Rs 332 crore in the April-June quarter. The total revenue from operations also rose by approximately 48% on a sequential basis to Rs 608 crore, with a portion of this increase attributed to dividend income of Rs 217 crore.
JFS has appointed AR Ganesh as Group CTO. In a stock exchange filing, Jio Financial Services stated that Ganesh has been associated with ICICI Bank for the past 13 years. In his previous role, he served as the Chief Information Security Officer (CISO), overseeing cybersecurity. Prior to this, he headed Treasury and Corporate Centre Technology. Ganesh’s expertise spans across cybersecurity, enterprise IT, service delivery, and banking software product management.
Although Ambani’s plans for JFS remain largely unknown, the company aims to become a “full-service financial services” provider and has already announced its intention to launch an asset management company. Ambani has also expressed his intention for JFS to enter the insurance segment. Despite the company’s strong growth, the penetration of financial investment products in India remains low relative to the size of the economy.
In a highly competitive environment, non-bank lender Bajaj Finance has revealed plans to raise up to Rs 10,000 crore, while Tata Capital and Aditya Birla Capital are also rushing to secure fresh funds.
JFS, which has partnered with US asset manager BlackRock to introduce asset management services in India, listed in August at a significant discount to the company’s expectations. As of Monday’s close, the stock has declined by approximately 14%.