Jio Financial Services Q4 results: Net profit rises 5.8% to Rs 311 crore

Jio Financial Services Ltd’s consolidated net profit rose 5.8 percent year-on-year to Rs 311 crore in the quarter ended March 2024 (Q4FY24), compared to Rs 294 crore in the same quarter of FY23.

Total revenues of the entity, which is a holding company for businesses including lending, insurance broking, asset management, etc., rose to Rs 418 crore in Q4FY24 from Rs 414 crore in Q4FY23. These were the company’s first annual results as a listed entity, Charanjit Attra, Chief Operating Officer, said in an earnings call after the results. The stock closed 2.17 percent lower at Rs 370 per share on BSE.

For FY24, consolidated net profit rose to Rs 1,605 crore, compared to Rs 31 crore for FY23, mainly due to an increase in revenues and increase in net profit share of associates, Attra said. Total consolidated income grew from Rs 44 crore in FY23 to Rs 1,855 crore in FY24.

The company’s executives said in an analyst call that it has conceptualized an operating leasing business as an additional feature of embedded financial solutions. The approach is to offer embedded and digital products for which a uniform app is developed for customers.

The supply chain financing business has already been launched and products such as home loans and real estate loans are in the pipeline, she added.

First print: April 19, 2024 | 9:36 PM IST