NEW DELHI: Jio Financial Services on Friday reported a consolidated net profit to Rs 311 crore for the fourth quarter ending March 2024. The financial services company, demerged from Reliance Industries, had reported a profit of Rs 294 crore for the same quarter the previous year.
The company’s consolidated net profit increased multi-fold to Rs 1,605 crore in FY24 compared to Rs 31 crore in the preceding financial year, Jio Financial Services said in a regulatory filing. Revenue improved marginally to Rs 418 crore from Rs414 crore in the December quarter.
Expenses rose marginally to 1103 crore compared to 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.
Earlier this week, the company announced a 50:50 joint venture with BlackRock for setting up a wealth management and broking business. The company and BlackRock have already agreed to form a joint venture to enter into the asset management industry. Top-level hiring for AMC is in progress, it said, adding that infrastructure and tech platforms identified for the fund house.
It is in the implementation stage, it noted. With regard to its payments bank, it has introduced debit cards and launched a revamped Digital Savings Account. Jio Financial Services closed at Rs 370 apiece, down 2.17% on the BSE.