Active Stocks
Fri Apr 12 2024 15:57:45
  1. Tata Steel share price
  2. 163.50 -1.00%
  1. NTPC share price
  2. 362.00 -0.32%
  1. ITC share price
  2. 430.10 -1.56%
  1. HDFC Bank share price
  2. 1,518.90 -1.10%
  1. State Bank Of India share price
  2. 766.75 -1.57%
Business News/ Markets / Q2 Results impact: Jio Financial share price gains 3% as profit doubles in September quarter
BackBack

Q2 Results impact: Jio Financial share price gains 3% as profit doubles in September quarter

Jio Financial Services' consolidated net profit surged 101.3 percent to ₹668.18 crore in the quarter under review versus ₹331.92 crore in the previous quarter (Q1FY24) on the back of higher income from operations.

Jio Financial Services' consolidated net profit surged 101.3 percent to ₹668.18 crore in the quarter under review versus ₹331.92 crore in the previous quarter (Q1FY24) on the back of higher income from operations. (REUTERS)Premium
Jio Financial Services' consolidated net profit surged 101.3 percent to 668.18 crore in the quarter under review versus 331.92 crore in the previous quarter (Q1FY24) on the back of higher income from operations. (REUTERS)

Shares of Jio Financial Services rose over 3 percent to 232 on BSE on Tuesday after the company's profit doubled in the quarter ended September 2023 (Q2FY24) in its first results report after being carved out from Mukesh Ambani-led Reliance Industries.

Its consolidated net profit surged 101.3 percent to 668.18 crore in the quarter under review versus 331.92 crore in the previous quarter (Q1FY24) on the back of higher income from operations. Meanwhile, its total income rose 46.8 percent QoQ to 608 crore as against 414 crore in Q1FY24. The company’s total expenses rose 33 percent QoQ to 71 crore, primarily owing to higher employee expenses.

Its interest income for the September quarter was 186 crore, compared to 202 crore a quarter ago.

On a standalone basis, the company's revenue fell by 31 percent to 148.9 crore from 214.57 crore in Q1FY24. However, profit came in at 88.76 crore versus just 2.03 crore in the year-ago period.

Post the release of the second quarter results, the firm also announced the appointment of A R Ganesh as group chief technology officer. Before this, A R Ganesh had been associated with ICICI Bank for the last 13 years.

His exposure in the domain is spread across Cybersecurity, Enterprise IT, Service Delivery, and Banking Software product management. Throughout his career spanning 30 years, Ganesh has handled multiple roles including Banking and Financial Services (Capital Markets, Merchant Banking, and lending), IT product development & implementation, IT consulting and pre-sales, Management of offshore delivery units, and Retail Shared Services, said the company.

In July this year, RIL demerged its financial services business into Jio Financial Services. Following the demerger, shareholders received five JFS shares for every single share held in Reliance Industries.

The stock listed at 265 on the BSE and 262 on the NSE, just a little higher than its discovered price of 261.85 after the special pre-open session held on July 20, 2023.

It is currently trading over 15 percent lower than its listing price.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 17 Oct 2023, 09:19 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App