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Jio Financial Services Q4 net profit up 6% over previous quarter
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The company’s consolidated profit after tax (PAT) for FY24 stood at ₹1,605 crore. Shares of Jio Financial Services Ltd ended at ₹370., down by ₹8.20, or 2.17%, on the BSE.
Jio Financial Services Ltd on Friday (April 19) reported a 6% quarter-on-quarter (QoQ) rise in consolidated net profit at ₹310 crore for the fourth quarter that ended March 31, 2024, against ₹294 crore in the preceding quarter. The company’s consolidated profit after tax (PAT) for FY24 stood at ₹1,605 crore.
In the fourth quarter of FY24, Jio’s standalone PAT increased to ₹78 crore from ₹71 crore recorded in the preceding quarter. For the full fiscal year FY24, the standalone PAT amounted to ₹383 crore.
Jio’s total ex-dividend income reached ₹418.1 crore, inching up from ₹413.6 crore recorded in the previous quarter. In the fourth quarter, Jio’s interest income amounted to ₹280.7 crore, up from ₹269 crore reported in the third quarter.
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Its revenue improved marginally to ₹418 crore from ₹414 crore in the December quarter. Its expenses also increased marginally to ₹103 crore against ₹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.
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The results came after the close of the market hours. Shares of Jio Financial Services Ltd ended at ₹370, down by ₹8.20, or 2.17%, on the BSE.
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