More Stories

Informist, Friday, Jan. 17, 2025

 

Please click here to read all liners published on this story

--Jio Fincl Oct-Dec consol net profit INR 2.95 bln vs INR 2.94 bln year ago 
--Jio Fincl Oct-Dec consol revenue INR 4.38 bln vs INR 4.14 bln year ago 
--Jio Fincl Apr-Dec consol net profit INR 12.96 bln vs INR 12.94 bln yr ago 
--Jio Fincl Apr-Dec consol revenue INR 15.50 bln vs INR 14.36 bln year ago 
--Jio Fincl arm Jio Fin's AUM INR 41.99 bln Dec 31 vs INR 12.06 bln Sept 30 

 

By Vaishali Tyagi

 

MUMBAI – Jio Financial Services Ltd.'s consolidated net profit remained flat against a year ago at INR 2.95 billion for the quarter ended December. However, on a sequential basis, the company's bottom line took a hit, with net profit slumping over 55% due to a decline in interest income.

 

The company's interest income fell over 20% on year to INR 2.10 billion. For Apr-Dec, the company registered profit of INR 12.96 billion, broadly unchanged from the year-ago period. 

 

Total income of the company rose over 8% on year to INR 4.49 billion in the reporting quarter. On a sequential basis, the total income of the company declined sharply by 35.3%. Meanwhile, the company's total revenue from operations was up nearly 6% on year to INR 4.38 billion, driven by a 85.32% surge in net gain on fair value changes.

 

However, Jio Financial's total expenses in Oct-Dec rose 32.14% on year to 1.31 billion, primarily due to higher impairment on financial instruments and employee benefits expense. On quarter, the company's total expenses fell over 10%.

 

"Excluding provisions, total expenses declined on a quarterly basis. This was on account of annual corporate social responsibility expense incurred in Jul-Sept and pre-incorporation expenses attributable to new businesses in subsidies and joint ventures," Abhishek Pathak, chief financial officer, Jio Financial Services said in a post-earnings call. 

 

Jio Financial's subsidiary, Jio Finance Ltd., reported assets under management of INR 41.99 billion for the quarter ended December. Additionally, the company's payments bank saw a 25% on-quarter increase in current account and savings account customers, reaching 1.89 million. The company is also leveraging its marketing tie-up with MyJio to drive customer acquisition and has filed an application for a third party application providers licence.

 

Jio Financial Services is a holding company of multiple financial services businesses. Jio Finance was established in 2006 as Reliance Retail Finance Ltd., a non-deposit-taking non-banking finance company. The company announced its financial results post market hours. On Friday, shares of Jio Financial closed 0.8% higher at INR 279 on the National Stock Exchange.  End

 

Edited by Deepshikha Bhardwaj

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

Informist Media Tel +91 (22) 6985-4000 

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2025. All rights reserved.