Jio Financial Services reported a 6% decline in net profit to Rs 313 crore in Q1 FY24, with total income rising marginally. The company is expanding into new areas like home loans and wealth management.
Photograph: Anushree Fadnavis/Reuters
New Delhi, Jul 15 (PTI) Jio Financial Services Ltd, the financial services arm of RIL, on Monday reported a 6 per cent decline in consolidated net profit to Rs 313 crore in the first quarter ended June 2024.
The company had earned a net profit of Rs 332 crore in the same quarter a year ago.
The company's total income rose marginally to Rs 418 crore as against Rs 414 crore in the June quarter of the previous year.
Total expenses increased to Rs 79 crore from Rs 54 crore in the same quarter of last year.
Recently, the company has received approval from the Reserve Bank of India to operate as a Core Investment Company (CIC).
Jio Financial Services, carved out from Reliance Industries Ltd, is engaged in the business of investing and financing, insurance broking, payment bank and payment aggregator and payment gateway services.
Its subsidiary Jio Finance Ltd launched a home loan product and loan against mutual funds in July.
Another arm commenced the business of leasing airfiber devices in June.
Jio Insurance Broking Limited, the other subsidiary, tied up with 31 insurance companies, it said.
Jio Financial Services, a 50:50 joint venture with BlackRock, to soon launch wealth management and broking businesses, it said.
Shares of Jio Financial closed at Rs 355.25 per unit, up 1.40 per cent on the BSE.
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