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Business News/ Companies / Company Results/  Jio Financial Services Q4 results: Net profit jumps 6% QoQ to 310.6 crore, net interest income at 280.7 crore
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Jio Financial Services Q4 results: Net profit jumps 6% QoQ to ₹310.6 crore, net interest income at ₹280.7 crore

Jio Financial Services Q4 results: The revenue from operations of the company increased 1% from ₹413.6 crore in Q3FY24 to ₹418.1 crore in the period under review

Jio Financial Services Q4 results: People stand next to a logo of Jio Financial Services ahead of its listing ceremony at the Bombay Stock Exchange in Mumbai (REUTERS)Premium
Jio Financial Services Q4 results: People stand next to a logo of Jio Financial Services ahead of its listing ceremony at the Bombay Stock Exchange in Mumbai (REUTERS)

Jio Financial Services Q4 results: Financial services company Jio Financial Services Limited on Friday released their January to March quarter results and posted a consolidated net profit of 310.6 crore. The company witnessed a 6% quarter-on-quarter (QoQ) jump in its net profit which was recorded at 293.8 crore during the quarter-ago period. The revenue from operations of Jio Financial Services increased 1% from 413.6 crore in Q3FY24 to 418.1 crore in the period under review. 

The company witnessed quarter-on-quarter improvement in its net interest income (NII) which increased from 269.08 crore to 280.74 crore during the period under review. 

The consolidated profit after tax (PAT) of Jio Financial Services Limited jumped exponentially from 31.25 crore in the year ended March 31 2023 to 1,605 crore during the year ending March 31, 2024. In standalone terms, the yearly net profit is 383 crore, while the quarterly PAT at 78 crore. 

Jio Financial Services Limited - formerly known as Reliance Strategic Investments Limited, the demerged financial arm of Reliance Industries, made its stock market debut on August 21, 2023. The stock was listed at 265 per share on the BSE and 262 per share on the NSE against the discovered price of 261.85 apiece. RIL demerged the entity to tap the growing demand for new-age financial services for retail and small-business customers.

Key growth differentiator

In its investor presentation, Jio Financial Services said that technology is going to be its key growth differentiator and the company is planning to use artificial intelligence (AI) to capitalize on new entrant advantage, to quickly adapt to market dynamics and changing customer needs including the use of opensource technology, to power to leverage alternate data to facilitate non-linear growth, to creating enriched customer profiles for tailored offerings. 

The shares of Jio Financial Services were closed 2.22% down at 370 on Friday closing. 

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Devesh Kumar
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Published: 19 Apr 2024, 05:51 PM IST
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