Jio Financial Shares Surge 3% to 52-Week High on Q4 Earnings

New Delhi, Apr 22 (PTI) Shares of Jio Financial Services Ltd on Monday ended over 3 per cent higher to hit the 52-week high level in intra-day trade after the company reported a 6 per cent increase in consolidated net profit for the fourth quarter ended March 2024.

The stock jumped 4 per cent to Rs 385 -- its 52-week high -- during the day on the BSE. It finally ended at Rs 382.75, up 3.45 per cent.

On the NSE, the company's stock climbed 3.98 per cent to hit the 52-week high of Rs 384.85 during the day. Shares of the firm ended at Rs 383, a gain of 3.48 per cent.

The company's market capitalisation (mcap) jumped Rs 8,100.44 crore to Rs 2,43,171.95 crore.

In traded volume terms, 25.99 lakh shares of the company were traded at the BSE and over 486.41 lakh shares at the NSE during the day.

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.