NEW DELHI: Jio Financial Services Ltd on Monday reported a 56 per cent decline in consolidated net profit at Rs 294 crore for the third quarter ended December 2023, in contrast to the earlier quarter. The firm had earned a consolidated net profit of Rs 668 crore within the second quarter of the present fiscal, Jio Financial Services mentioned in a regulatory submitting.
Its income too moderated to Rs 414 crore, from Rs 608 crore within the September quarter.
For the 9 months ended December, the corporate’s net profit stood at Rs 1,294 crore, the submitting mentioned.
The whole bills elevated sequentially to Rs 98.95 crore, in opposition to Rs 71.43 crore within the earlier quarter.
Jio Financial Services, carved out from Reliance Industries Ltd, is engaged within the enterprise of investing and financing, insurance coverage broking, fee financial institution and fee aggregator and fee gateway companies.
The firm and BlackRock have agreed to type a three way partnership to enter into the asset administration trade.
Accordingly, the JV firm made an software to the Securities and Exchange Board of India on October 19, 2023, for beginning a mutual fund enterprise.
The firm additionally has plans to enter the insurance coverage phase.
With regard to new merchandise, it mentioned, loans in opposition to property and residential loans are within the pipeline.
It additionally plans to launch leasing enterprise and provide chain financing.
The firm has authorised the appointment of Rupali Adhikari Sawant as Group Head – Internal Audit and Sudheer Reddy Govula as Group Chief Compliance Officer.
Shares of the corporate closed at Rs 266.80 per unit, up 4.55 per cent on the BSE.
Its income too moderated to Rs 414 crore, from Rs 608 crore within the September quarter.
For the 9 months ended December, the corporate’s net profit stood at Rs 1,294 crore, the submitting mentioned.
The whole bills elevated sequentially to Rs 98.95 crore, in opposition to Rs 71.43 crore within the earlier quarter.
Jio Financial Services, carved out from Reliance Industries Ltd, is engaged within the enterprise of investing and financing, insurance coverage broking, fee financial institution and fee aggregator and fee gateway companies.
The firm and BlackRock have agreed to type a three way partnership to enter into the asset administration trade.
Accordingly, the JV firm made an software to the Securities and Exchange Board of India on October 19, 2023, for beginning a mutual fund enterprise.
The firm additionally has plans to enter the insurance coverage phase.
With regard to new merchandise, it mentioned, loans in opposition to property and residential loans are within the pipeline.
It additionally plans to launch leasing enterprise and provide chain financing.
The firm has authorised the appointment of Rupali Adhikari Sawant as Group Head – Internal Audit and Sudheer Reddy Govula as Group Chief Compliance Officer.
Shares of the corporate closed at Rs 266.80 per unit, up 4.55 per cent on the BSE.
