Jio Financial Services Q4 results: Net profit jumps 6% QoQ to ₹310.6 crore, net interest income at ₹280.7 crore
Jio Financial Services Q4 results: Financial services company Jio Financial Services Limited on Friday released their January to March quarter results and posted a consolidated net profit of ₹310.6 crore. The company witnessed a 6% quarter-on-quarter (QoQ) jump in its net profit which was recorded at ₹293.8 crore during the quarter-ago period. The revenue from operations of Jio Financial Services increased 1% from ₹413.6 crore in Q3FY24 to ₹418.1 crore in the period under review.
The company witnessed quarter-on-quarter improvement in its net interest income (NII) which increased from ₹269.08 crore to ₹280.74 crore during the period under review.
The consolidated profit after tax (PAT) of Jio Financial Services Limited jumped exponentially from ₹31.25 crore in the year ended March 31 2023 to ₹1,605 crore during the year ending March 31, 2024. In standalone terms, the yearly net profit is ₹383 crore, while the quarterly PAT at ₹78 crore.
Jio Financial Services Limited – formerly known as Reliance Strategic Investments Limited, the demerged financial arm of Reliance Industries, made its stock market debut on August 21, 2023. The stock was listed at ₹265 per share on the BSE and ₹262 per share on the NSE against the discovered price of ₹ ₹261.85 apiece. RIL demerged the entity to tap the growing demand for new-age financial services for retail and small-business customers.
Key growth differentiator
In its investor presentation, Jio Financial Services said that technology is going to be its key growth differentiator and the company is planning to use artificial intelligence (AI) to capitalize on new entrant advantage, to quickly adapt to market dynamics and changing customer needs including the use of opensource technology, to power to leverage alternate data to facilitate non-linear growth, to creating enriched customer profiles for tailored offerings.
The shares of Jio Financial Services were closed 2.22% down at ₹370 on Friday closing.
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Published: 19 Apr 2024, 05:51 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.