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Business EconomyPosted at: Oct 18 2024 6:52PM


Jio Financial Services net up 3 pc in Q2 at Rs 689 cr; revenue grew 18 pc

New Delhi, Oct 18 (UNI) Jio Financial Services, a subsidiary of Mukesh Ambani owned Reliance Industries, on Friday announced a 3 percent y-o-y basis jump in net profit at Rs 689 crore during the second quarter (July-September) of current financial year as against Rs 668 crore in the same quarter of last financial year.
Gross revenue from operations grew 18 percent to Rs 694 crore y-o-y basis in the same quarter compared to Rs 608 crore in the last fiscal, the company said in a regulatory filing with the stock exchanges.
Total Net worth of the company stood at Rs Rs 1,37,144 Crore as on September 30, 2024.
On a sequential basis, Profit After Tax (PAT) grew 120 percent from Rs 313 crore in the April-June or Q1 of the current fiscal.
Interest income rose to Rs 205 crore in the Q2 of this fiscal as against Rs 186 crore in the same quarter of last fiscal (2023-24), the company stated.
Jio Financial Services increased its stake in Jio Payments Bank to 82.17 percent in August this year.
The Parent Company, pursuant to the application made to the RBI seeking registration as Core Investment Company (CIC), has received necessary approval and certificate of registration on July 09, 2024 from the RBI and thereby it has become a Non-Deposit taking Systemically Important Core Investment Company (CIC-ND-SI) with effect from that date.
The Group, its Associates and Joint Ventures are engaged in the business of Investing & Financing, Leasing, Insurance broking, Payment Bank and Payment Aggregator & Payment Gateway services.
However, these businesses currently do not satisfy the quantitative thresholds laid down under Ind AS - 108 on "Operating Segment". Since, the operations of the Group, its Associates and Joint Ventures are predominantly conducted within India, there are no separate reportable geographical segment, the company stated.
UNI SKB CS1851
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Tags: #Jio Financial Services net up 3 pc in Q2 at Rs 689 cr; revenue grew 18 pc
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