NEW DELHI: Jio Financial Services on Monday reported a 56% fall in consolidated net profit to Rs 294 crore for the third quarter ending December 2023 compared to the previous quarter.
The company had earned a consolidated net profit of Rs 668 crore in the second quarter of the current financial year, Jio Financial Services said in a regulatory filing.
The company’s revenue moderated to Rs 414 crore from Rs 608.04 crore in the previous quarter. For the nine months of the current financial year, the company’s net profit stood at Rs1,294 crore, the filing said. The total expenses of the company, which was listed on the exchanges this year, increased sequentially to Rs 98.95 crore against Rs 71.43 crore in the previous quarter.
Jio Financial Services, carved out from Reliance Industries, is engaged in the business of investing and financing, insurance broking, payment bank and payment aggregator and payment gateway services.
The company and BlackRock have agreed to form a joint venture to enter into the asset management industry.