Jio Financial Services Q3 net profit declines 56% to ₹294 crore

Jio Financial Services Ltd on January 15reported a 56 per cent decline in consolidated net profit to ₹294 crore for the third quarter ended December 2023 compared to the previous quarter.

The company had earned a consolidated net profit of ₹668 crore in the second quarter of the current fiscal, Jio Financial Services said in a regulatory filing.

Its revenue too moderated to ₹414 crore from ₹608.04 crore in the September quarter.

For the nine months ended December, the company's net profit stood at ₹1,294 crore, the filing said.

The total expenses increased sequentially to ₹98.95 crore against Rs 71.43 crore in the previous quarter.

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Jio Financial Services, carved out from Reliance Industries Ltd, is engaged in the business of investing and financing, insurance broking, payment bank and payment aggregator and payment gateway services.

The company and BlackRock have agreed to form a joint venture to enter into the asset management industry.

Accordingly, the JV company made an application to the Securities and Exchange Board of India on October 19, 2023, for starting a mutual fund business.

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The company also has plans to enter the insurance segment.

Shares of the company closed at ₹266.80 per unit, up 4.55 per cent on the BSE.

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