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Business News/ Companies / Company Results/  Jio Financial Q3 Results Highlight: Net profit at 293.82 crore, down 56% QoQ
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Jio Financial Q3 Results Highlight: Net profit at ₹293.82 crore, down 56% QoQ

Jio Financial Q3 Results Highlight: Jio Financial consolidated net profit of the quarter ended December was 293.82 crore, a fall of 56% from 668.18 crore in the previous quarter (Q2FY24), while its consolidated revenue slumped 32% on sequential basis to 413.61 crore.

Jio Financial Q3 Results Highlight: The company's consolidated net profit of the quarter ended December was ₹293.82 crore, a fall of 56% from September quarter, (REUTERS)Premium
Jio Financial Q3 Results Highlight: The company's consolidated net profit of the quarter ended December was 293.82 crore, a fall of 56% from September quarter, (REUTERS)

Jio Financial Q3 Results Highlight: Jio Financial Services (JFS), which is a Reliance Industries non-banking financial institution, announced their quarterly results, along with a presentation on its financial performance for the first nine months of the fiscal year after the board meeting. The standalone profit after taxes (PAT) for 9M-24 was 305 crore (Q3-24 at 71 crore), while the consolidated PAT for 9M-24 was 1,294 crore (Q3-24 at 294 crore), as per the company's release.

The company's consolidated net profit of the quarter ended December was 293.82 crore, a fall of 56% from 668.18 crore in the previous quarter (Q2FY24), while its consolidated revenue from operations, slumped 32% on sequential basis to 413.61 crore from 608.04 crore.

These quarterly figures mark JFS's second report since the September quarter results after listing, during which the non-banking financial company saw a twofold increase in profit, reaching 668 crore primarily driven by interest and dividend income. JFS emerged as a distinct entity from Reliance Industries in 2023 and made its debut on the stock exchanges on August 21 of that same year.

The heightened anticipation for Jio Financial Services' quarterly reports has translated into a substantial demand for its stocks, with the share price experiencing a notable surge of around nine percent in the initial 15 days of January 2024. Jio Financial share price ended 4.55% higher on the BSE at 266.80 per share, ahead of Q3 results.

15 Jan 2024, 07:35:40 PM IST

Jio Financial Q3 Results live: Check out some key highlights of Q3FY24

According to the company's release, the standalone profit after taxes (PAT) for 9M-24 was 305 crore (Q3-24 at 71 crore), while the consolidated PAT for 9M-24 was 1,294 crore (Q3-24 at 294 crore).

With regard to the filling of critical leadership positions, the total number of employees as of December 31, 2023, being 516, and the completion of the technology stack for personal loans and consumer durable loans sandbox, the company's capability building is proceeding as planned.

15 Jan 2024, 07:25:45 PM IST

Jio Financial Q3 Results live: Total expenses for the December quarter stood at ₹98 crore

The December quarter's total expenses came to 98.95 crore, in comparison to the September quarter's 71.43 crore. Compared to the previous quarter's 86.3 crore, the total tax outgo for the quarter ended December was 88 crore.

15 Jan 2024, 07:20:17 PM IST

Jio Financial Q3 Results live: The statement includes the results of the following entities

All of Jio Financial's joint ventures, affiliates, and subsidiaries are included in its consolidated earnings. They are Jio Payments Bank, Jio Insurance Brokering, Jio Infrastructure Management Services, Jio Information Aggregator Services, Jio Finance, Jio Payment Solutions, Reliance Industrial Investments and Holdings, Jio Petroleum Trust, and Jio Infrastructure Management Services.

15 Jan 2024, 07:15:01 PM IST

Jio Financial Q3 Results live: The company plans to launch two new businesses

According to a press release from the company, Jio Financial plans to introduce supply chain financing and leasing business.

15 Jan 2024, 07:12:15 PM IST

Jio Financial Q3 Results live: Pre-provision operating profit for Q3 came in at ₹316 crore

Pre-provision operating profit (PPOP) during the quarter under review was down 41.2% to 316 crore from 537, QoQ, as per company's release.

15 Jan 2024, 07:10:05 PM IST

Jio Financial Q3 Results live: The company's interest income for the December quarter stood at ₹270 crore 

Jio Financial's Interest Income for the quarter ended December came in at 270 crore, up 45% from 186 crore, QoQ, as per company's release.

15 Jan 2024, 06:56:36 PM IST

Jio Financial Q3 Results live: The company announces two new appointments 

"The board of directors further, on the recommendation of the Nomination and Remuneration Committee and Audit Committee, approved the appointment of the following Senior Management Personnel:

Rupali Adhikari Sawant as Group Head - Internal Audit of the Company with effect from January 15, 2024; and Sudheer Reddy Govula as Group Chief Compliance Officer of the Company in accordance with RBI Circular on Compliance Function and Role of Chief Compliance Officer, for a period of four years with effect from January 15, 2024," Jio Financial said in an exchange filing.

15 Jan 2024, 06:52:13 PM IST

Jio Financial Q3 Results live: Net profit at ₹293.82 crore

Jio Financials reported its December quarter (Q3FY24) results on Monday, January 15. The NBFC posted a consolidated net profit of 293.82 crore, a fall of 56% from 668.18 crore in the previous quarter (Q2FY24).

The company's consolidated revenue from operations, slumped 32% on sequential basis to 413.61 crore from 608.04 crore.

15 Jan 2024, 05:46:44 PM IST

Jio Financial Q3 Results live: Here's what Avinash Gorakshakar, Head Research of Profitmart Securities says on Q3 results

According to Gorakshakar, Jio Financial's Q3 performance will be just like in the September quarter. The mutual fund that they have tied up with BlackRock is yet to get commercialised, and they are yet to launch the product. The company has started instant loans, digital banking, insurance, etc. QoQ performance is likely to be the same or may be slightly better. In fact, the market is anticipating new business announcements and when new things will be rolled out. The commercial launch of Blackrock and Jio mutual funds has not yet started. Investors are basically betting on the next two to three years of growth. In numerical terms, there is no historical record, as it is a new company of Reliance Industries. The real growth momentum will happen after this March.

15 Jan 2024, 05:10:21 PM IST

Jio Financial Q3 Results live: Here's what expert says on Jio Financial shares 

According to Mahesh M. Ojha, AVP Research & Business Development at Hensex Securities Pvt Ltd ahead of Jio Financial Services Q3 results, the stock ended with a surge of 4.55% at 266.80. The stock currently has a breakout at 262 since listing; if the stock sustains this breakout, we expect the stock to show 290–310 levels soon. However, one can keep the stop loss at 240. 

“In this Q3 result, we expect the company to unfold insists about pending financial licences, new product launches in the insurance and financial services business, also in which sector the company wills to focus for expansion, etc.," added Ojha.

15 Jan 2024, 04:35:55 PM IST

Jio Financial Q3 Results live: A snapshot of Q2 earnings 

Jio Financial Services announced a net profit of 668.2 crore in October, which was double what it had earned the quarter before thanks to increased operating revenue. Following its August 21 stock exchange listing, this was the company's first financial report. After Reliance Industries' financial services division is demerged, Jio Financial Services intends to expand into consumer finance, asset management, and insurance. Due mainly to increased personnel costs, the company's overall expenses increased 33% on a quarter-over-quarter to 71 crore.

The September quarter's dividend income of 217 crore helped to boost overall revenues even though interest income in Q2 was lower than in Q1. The company's overall expenses increased by 33% from the previous quarter to 71 crore, mostly as a result of increased payroll costs.

15 Jan 2024, 04:16:06 PM IST

Jio Financial Q3 Results live:  Jio Financial share price ends 4% higher ahead of Q3 results

Jio Financial share price ended 4.55% higher on the BSE at 266.80 per share, ahead of Q3 results. Jio Financial share price opened at 258 apiece and touched an intraday high of 269.60 and an intraday low of 257.25.

15 Jan 2024, 04:02:46 PM IST

Jio Financial Q3 Results live: Co seeks Central Government approval for new CEO and MD appointment 

According to the company's most recent filing, it proposed to the Central Government that it request permission for Hitesh Kumar Sethia to be appointed as the company's managing director (MD) and chief executive officer (CEO).

15 Jan 2024, 03:36:02 PM IST

Jio Financial Q3 Results live: Few announcements to watch out for today, as per expert

According to Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities, all eyes are on Jio Financial, which will release its Q4 earnings for December today. This would be the second earnings announcement post-demerger. December quarter numbers would give more detail on the performance of each business and plans going forward. All focus would be on announcements regarding insurance broking, payment solutions, and mutual fund business.

From a technical perspective, Jio Financial can try to reach 290–300 levels if results and announcements bring in more positive traction.

15 Jan 2024, 02:58:34 PM IST

Jio Financial Q3 Results live : Revenue recap of last six months

Jio Financial Q3 Results live : In the initial half of the fiscal year concluding in September 2023, JFSL reported a net revenue of 1022 crore, accompanied by a total profit of 1000 crore, as per findings from KRChoksey Research.

15 Jan 2024, 02:37:51 PM IST

Jio Financial Q3 Results live : Shrey Gandhi, Research Analyst at Mangal Keshav Financial Services LLP gave ‘ Buy’ tag

Jio Financial Q3 Results live : “At a CMP of Rs. 265 Stock is trading at P/BV of 1.4(x) to its BVPS of Rs. 186.3 for FY25E Strategically positioned, Jio Financial Services Limited (JIOFIN) is set to revolutionize the financial sector with its robust lending suite and innovative tech solutions, ensuring substantial growth. The company's focus on risk-adjusted returns, Rs. 1.2 lakh cr capitalization, and diverse funding channels highlight its commitment to expansion. A strategic partnership with BlackRock enhances investment capabilities, while ventures into insurance and exploration of advanced technologies signify a dedication to innovation. Supported by the Reliance Group, JIOFIN is poised to disrupt fintech, providing diverse products/services. Leveraging Reliance Retail and Jio's network, JFS is primed to capitalize on India's growth, offering competitive loans and gaining market share swiftly. We value the stock at P/BV of 1.8(x) to its FY25E BV to arrive at a target price of Rs. 335 and have a BUY rating on the stock."

15 Jan 2024, 02:18:23 PM IST

Jio Financial Q3 Results live : KR Choksey's comment on the stock

"Jio Financial Q3 Results live : "Jio Financial aims to offer personalised financial products and services to cater to the needs of this segment. Additionally, its partners will act as a catalyst for its growth due to the varied business interests which could assist the NBFC in running various pilot programs and customised service offerings to meet the diverse requirements of each sector," the brokerage said in a January note.

15 Jan 2024, 02:01:58 PM IST

Jio Financial Q3 Results live : KR Choksey gives ‘Buy’ rating

Jio Financial Q3 Results live : Brokerage firm KR Choksey, while giving ‘buy’ rating to the Jio Financial stock, raised the target price to 290 per share, which is 13% upside from January 12's closing price of 255.

15 Jan 2024, 01:46:43 PM IST

Jio Financial Q3 Results live : Analysts take on Jio Financial stock

Jio Financial Q3 Results live : The stock currently has limited coverage from brokerage firms, with KRChoksey being one of the few that has initiated coverage. They have assigned a Buy rating and set a target price of 290 per share.

15 Jan 2024, 01:32:45 PM IST

Jio Financial Q3 Results live : Jio Financial shares further rise by 11%

Jio Financial Q3 Results live : At 12: 50 pm, the Jio Financial share price were trading 11.32 per cent high at 265.95. The market capitalisation of Jio Financial Services stands at 1.68 lakh crore, as on January 19. 

15 Jan 2024, 01:25:45 PM IST

Jio Financial Q3 Results live : Reliance Industries to reveal its Q3 result this week

Jio Financial Q3 Results live : Reliance Industries to announce its Q3 result this week on January 19. 

15 Jan 2024, 01:08:59 PM IST

Jio Financial Q3 Results live : Reliance's Infrastructure arm to reveal Q3 results too

Jio Financial Q3 Results live : In addition to JFSL, there is a possibility that the third-quarter results of Reliance Industries Infrastructure will be released on January 15. However, JFSL will remain the primary focus.

15 Jan 2024, 12:51:42 PM IST

Jio Financial Q3 Results live : Jio Financial Services stock performance

Jio Financial Q3 Results live : Following the demerger in August 2023, Jio Financial Services experienced subdued growth in the stock market. Nonetheless, its shares experienced a significant surge last week, aligning with the upward movement of RIL's shares. 

The stock has nearly gained 11.32 per cent in the last one month and around 6.07 per cent in the last six months.

15 Jan 2024, 12:30:01 PM IST

Jio Financial Q3 Results live : Total operations doubled in Q2

Jio Financial witnessed a remarkable 47% growth in total revenue from operations in the last quarter, resulting in a nearly doubled profit margin by the end of September.

15 Jan 2024, 12:12:08 PM IST

Jio Financial Q3 Results live : July-September quarter results

Jio Financial Q3 Results live : The NBFC had reported a net profit of 668 crore, a jump of 101 percent sequentially. Total revenue from operations increased 47 percent to 608.04 crore on a quarter-on-quarter basis.

15 Jan 2024, 11:55:16 AM IST

Jio Financial Q3 Results live : Jio Financial joint venture with BlackRock

Jio Financial Q3 Results live : In October 2023, Jio Financial Services and BlackRock Financial Management submitted documents to the Securities and Exchange Board of India (SEBI), the capital market regulator, seeking approval to initiate their mutual fund business in India. The current status involves the ongoing consideration of the in-principle approval.

15 Jan 2024, 11:36:19 AM IST

Jio Financial Q3 Results live : Jio Financial share price today

Jio Financial Q3 Results live : The share price of Jio Financial Services were trading 2.35% higher on Monday's volatile session at 261 per share ahead of Q3 results. Jio Financial stock opened at 257 on January 15, against previous close at 255 on Friday.

15 Jan 2024, 11:25:07 AM IST

Jio Financial Q3 Results live : About the company

Jio Financial Q3 Results live : Jio Financial Services completed its demerger from Reliance Industries and commenced trading as an independent entity on August 21. The stock debuted at 265 per share on the BSE and 262 per share on the NSE, exceeding its discovered price of 261.85 per share.

15 Jan 2024, 11:03:52 AM IST

Jio Financial Q3 Results live : Reliance's NBFC to release financial results

Jio Financial Q3 Results live : Reliance's non-banking financial arm is all set to release its second-ever quarterly results for December 2023 after listing.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.

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