Jio Financial Services Q2 Results: Net profit Grows 101% At Rs 668 Crore

Mukesh Ambani's Jio Financial Services on Monday reported financial results for the quarter and half year ended September 30, 2023. During this period the company's net profit jumped 101% sequentially at Rs 668 crore compared to Rs 331.92 crore in the June quarter. This growth in net profit was driven by strong topline growth.
This is the company's first-ever quarterly result after it got listed on Indian bourses in August. Total revenue from operations rose 47% from the June quarter to Rs 608.04 crore.

Meanwhile, in an exchange filing today the company notified that AR Ganesh is appointed as the Group Chief Technology Officer w.e.f. October 16, 2023. Earlier, Ganesh was the Chief Information Security Officer (CISO) at ICICI Bank having overall oversight of Cybersecurity.

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

Jio Financial Services is dubbed as the Reliance group's 'fourth engine' after oil, telecom, and retail. The non-banking financial company's (NBFC) total income for the quarter stood at Rs 608 crore. On Monday, the share price of Jio Financial Services Ltd closed 0.27% higher at Rs 224.85 per share. In the last one week the stock has gained 5.15%. At today's price, the NBFC has a market capitlization of 1,42,853.59 crore.

Key Highlights from Jio's Q2FY24 Results:

• Net profit jumped 101% sequentially at Rs 668 crore
• Interest income for the September quarter was Rs 186 crore, compared to Rs 202 crore a quarter ago
• Dividend income was Rs 217 crore for the quarter under review
• Total revenue from operations rose 47% from the June quarter to Rs 608.04 crore.

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. Today, the share price of Reliance Industries Limited closed 0.33% lower at Rs 2342.90 per share.