Jio Financial Q3 Results: Net profit recorded at ₹293.82 crore, revenue at ₹413.61 crore

Non-banking financial institution (NBFC) Jio Financial Services released its Q3FY24 results on Monday. The Reliance Industries-backed company recorded a 56% decline in their quarter-on-quarter (QoQ) net profits which came down from ₹668.18 crore in Q2FY24 to ₹293.82 crore during the period under review. The quarterly revenue of Jio Financial Services slumped 32% from ₹608.04 crore during the quarter ending September 2023 to ₹413.61 crore during Q3FY24.

Jio Financial Q3 Results Live Updates

In the nine-month period ending December 2023, Jio Financial Services witnessed a significant jump in financial performance as compared to the fiscal year ending March 2023. The net profit of the company during the nine-month period jumped from ₹32.25 crore to ₹1,293.92 crore. In terms of revenue, Jio Financial Services witnessed a remarkable jump from ₹41.63 crore revenue during the year ending March 2023 to ₹1,435.78 crore in December 2023.

Jio Financial Services' net interest income (NII) jumped 44% quarter on quarter (QoQ) to ₹269.08 crore in Q3FY24 from ₹186.06 crore during the quarter ending September 2023. In the nine-month period, the NII of the company jumped from ₹38.34 crore in March 2023 to ₹657 crore in December 2023.

This was Jio Financial Services' second financial report after the stock exchange listing in August 2023. Post its demerger from Reliance Industries, the NBFC is looking to expand in multiple sectors like consumer finance, asset management, and insurance.

Appointment of Senior Management Personnel

In a regulatory filing, Jio Financial Services informed that the Board of Directors of the company approved the appointment of Rupali Adhikari Sawant as Group Head of Internal Audit and Sudheer Reddy Govula as Group Chief Compliance Officer.

The appointment of the Chief Compliance Officer came in accordance with the RBI Circular on Compliance Function and Role of Chief Compliance Officer, for a four year period, the company said.

Jio Financial share price ended 4.55% higher on the BSE at ₹266.80 per share