Jio Financial Services Q4 Results Company Posts 1605 Crore Rupees Net Profit In FY24

Jio Financial Services Q4 Results: Jio Financial Services has announced the results for the fourth quarter of the financial year 2023-24. The company has made a profit of Rs 311 crore during the January to March quarter, whereas during the third quarter October to December the company has made a profit of Rs 294 crore.

In a regulatory filing with the stock exchange, Jio Financial Services said that the company's revenue during the fourth quarter was Rs 418 crore, which is 0.9 percent more than the revenue of Rs 418 crore in the third quarter. Whereas the net interest income of the company has been Rs 280 crore. If we look at the entire financial year, Jio Fin has made a total profit of Rs 1605 crore in 2023-24, which was Rs 31 crore in the previous financial year 2022-23. Jio Financial Services said that the company's expenses in the fourth quarter were Rs 103 crore, which was Rs 99 crore in the third quarter.

On April 15, 2024, Jio Financial Services said that the company has signed an agreement with BlackRock of America to enter the wealth management and broking business. Both the companies have 50-50 percent stake in this joint venture. Earlier, Jio Financial Services had signed an agreement with BlackRock to enter the asset management business in which both the companies will invest $150 million.

The stock of Jio Financial Services closed at Rs 370.10 on April 19 with a decline of 2.19 percent. The stock has also made a high of Rs 384. Jio Fin's stock has increased by about 60 percent in 2024 and by 73 percent in 6 months. Jio Financial Services was listed on the stock exchange last year on August 21, 2023. Jio Financial Services was demerged from Reliance Industries and listed on the stock exchange. Under the demerger plan of the financial company, the shareholders who held the same number of shares of Reliance Industries were given the same number of shares of Jio Financial.

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