Jio Financial Services Q3 FY25 Results: Net Profit Steady at ₹295 Crore

Jio Financial Services Ltd reported a consolidated net profit of ₹295 crore for the third quarter ending December 2024, nearly unchanged from ₹294 crore in the same period last year. In the previous quarter (Q2 FY24), the company had a higher consolidated net profit of ₹689 crore.

The company’s total income grew to ₹449 crore in Q3 FY24, up from ₹414 crore in the corresponding quarter of FY23. However, total expenses also rose to ₹131 crore compared to ₹99 crore during the same period last year.

9-Month Performance

For the 9 months ending December 2024, Jio Financial Services posted a marginal increase in net profit at ₹1,296 crore compared to ₹1,294 crore in the same period the previous year.

Business Operations

Jio Financial Services spun off from Reliance Industries, operates in various segments, such as investing and financing, insurance broking, payment gateway services, and payment aggregator solutions.

Key Developments

• The company partnered with BlackRock to form a joint venture to enter the asset management industry. An application for mutual fund operations was submitted to SEBI on October 19, 2023.
• Jio Payment Solutions obtained an Online Payment Aggregator license.
• In September 2024, the company launched Jio BlackRock Investment Advisers Private Ltd to offer wealth management services. Recruitment for its senior leadership team is ongoing.

About Jio Financial Services

JFSL is a non-banking financial company – A non-deposit-taking Systemically important (NBFC-ND-SI) entity registered with the Reserve Bank of India (RBI). It serves as a holding company and manages its financial services operations through its subsidiaries: Jio Finance Limited (JFL), Jio Insurance Broking Limited (JIBL), and Jio Payment Solutions Limited (JPSL). Additionally, it operates Jio Payments Bank Limited (JPBL) as part of a joint venture.

Jio Financial Services share price is trading at ₹276.45, down 0.91% as of 12:44 PM IST on January 20, 2025. The stock opened at ₹279.00, hitting a high of ₹280.00 and a low of ₹271.15 during the session. With a market cap of ₹1.74 lakh crore, a P/E ratio of 109.37, and no dividend yield, the stock’s 52-week range is ₹237.10 to ₹394.70.

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