Jio Financial Services Q4 net up 6% to Rs 311 cr

NEW DELHI: Jio Financial Services Ltd on Friday reported a 6 per cent increase in consolidated net profit to Rs 311 crore for the fourth quarter ended March 2024 on the back of improvement in income.

The financial services company, demerged from Reliance Industries Ltd, had reported a profit of Rs 294 crore for the December quarter. On an annual basis, the company’s consolidated net profit jumped multi-fold to Rs 1,605 crore in FY24 against Rs 31 crore in the preceding fiscal, Jio Financial Services said in a regulatory filing.

Its revenue improved marginally to Rs 418 crore from Rs 414 crore in the December quarter. Its expenses also increased marginally to Rs 103 crore against Rs 99 crore in the third quarter. Jio Financial Services is engaged in the business of investing and financing, insurance broking, payment bank and payment aggregator, and payment gateway services.

Earlier this week, Jio Financial announced a 50:50 joint venture with BlackRock for setting up a wealth management and broking business. The company and BlackRock have already agreed to form a joint venture to enter into the asset management industry.

Top-level hiring for AMC is in progress, it said, adding that infrastructure and tech platforms identified for the fund house. It is in the implementation stage, it noted.

With regard to its payments bank, it has introduced debit cards and launched a revamped digital savings account.

Shares of Jio Financial Services closed at Rs 370 apiece, down 2.17 per cent on the BSE.