Jio Financial Services said Friday that its net profit for the quarter that ended in September 2024 increased by 3% to Rs 689 crore, up from Rs 668 crore during the same time last year.
Operational revenue for the reported quarter was Rs 693.50 crore, which was 14% more than the company's reported revenue of Rs 608.04 crore for the same quarter last year.
In comparison to the Rs 312.63 crore the business reported in Q1FY25, PAT increased by 120% on a sequential basis. In the meantime, revenue increased by 66% above the April-June quarter's reported revenue of Rs 417.82 crore.
Compared to Rs 186 crore in Q2FY24 and Rs 162 crore in Q1FY25, interest income increased to Rs 205 crore.
As of September 30, 2024, the company's assets under management (AUM) were valued at Rs 1,206 crore, while its net worth was Rs 1,37,144 crore.
In August 2024, JFSL raised its ownership of Jio Payments Bank to 82.17%. The network of business correspondents was increased to 3,000 from the 15 lakh CASA clients. According to the company's application to the exchanges, the growth will continue.
The reported quarter's pre-provisioning operating profit, or PPoP, was Rs 552 crore, up 63% from Rs 339 crore in Q1FY25 and 2.7% from Rs 537 crore in Q2FY24.
Jio Insurance Broking
The firm offers 24 programs in four product categories—auto, two-wheeler, health, and life—directly to consumers. Group Term Life, Group Medical Cover, Group Personal Accident, and Commercial Insurance are among its institutional product offerings.
When considered separately, PAT increased by 242% from Rs 89 crore in Q2FY24 to Rs 305 in the July–September period. The PAT increased by more than 323% on a sequential basis from the Rs 72 crore recorded in Q1FY25.
In the meantime, total standalone income increased by 157% YoY and 186% QoQ to Rs 383 crore from Rs 149 crore in Q2FY24 and Rs 134 crore in Q1FY25.
Jio Financial Services shares finished Friday at Rs 330.55 on the NSE, up Rs 1.30 or 0.39% from Thursday's closing price, following the announcement of the earnings after market hours.
