Jio Financial: Qtrly Results 6% Net Profit Growth -Get Full Details
Jio Financial Services Q4 Results 2024: Jio Financial’s consolidated earnings include the earnings of its subsidiaries, associates and joint ventures.
Mumbai: Jio Financial Services on Friday announced its results for the quarter ending March 2024. Jio Financial made a net profit of Rs 311 crore in the fourth quarter. Profit has increased by 6 percent.
The company’s profit in the December quarter was Rs 294 crore.
Revenue collected from operations stood at Rs 418 crore compared to Rs 414 crore in the previous quarter. The total expenditure in the March quarter was Rs 103 crore. So in the September quarter this figure was Rs 98 crore.
Jio Financial Services’ net profit for the full year ending March 2024 has increased multi-fold to Rs 1,604 crore. So in the financial year 2022-23 i.e. the profit will be only Rs 31 crore. Revenue has also increased manifold to Rs 1,854 crore in the financial year 2023-24. Revenue in the last financial year was Rs 42 crore.
Jio Financial’s consolidated earnings include the earnings of its subsidiaries, associates and joint ventures. These include Jio Finance, Jio Payment Solutions, Reliance Industrial Investments and Holdings, Jio Insurance Broking, Jio Infrastructure Management Services, Jio Information Aggregator Services, Reliance Services and Holdings, Petroleum Trust and Jio Payments Bank.
The company’s interest income has increased to Rs 281 crore in the fourth quarter. So in the third quarter it was Rs 269 crore. Meanwhile, fee and commission income increased to Rs 41 crore. Earlier this week, Jio Financial had announced that it has tied up with asset management firm BlackRock to launch a wealth management and broking business.
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Ask & Questions
Q: What are the key highlights of Jio Financial Services’ Q4 results for 2024?
A: The key highlights of Jio Financial Services’ Q4 results for 2024 include a net profit of Rs 311 crore, representing a 6 percent increase from the previous quarter, and revenue from operations totaling Rs 418 crore. The company’s total expenditure for the quarter was Rs 103 crore.
Q: How does Jio Financial Services’ full-year performance for the financial year ending March 2024 compare to the previous year?
A: Jio Financial Services’ full-year performance for the financial year ending March 2024 demonstrates a significant improvement compared to the previous year. The company reported a multi-fold increase in net profit, reaching Rs 1,604 crore, compared to Rs 31 crore in the previous financial year. Additionally, revenue surged to Rs 1,854 crore from Rs 42 crore in the preceding year.
Q: What entities are included in Jio Financial’s consolidated earnings?
A: Jio Financial’s consolidated earnings comprise the profits generated by its subsidiaries, associates, and joint ventures. These entities encompass a diverse range of services, including Jio Finance, Jio Payment Solutions, Reliance Industrial Investments and Holdings, Jio Insurance Broking, Jio Infrastructure Management Services, Jio Information Aggregator Services, Reliance Services and Holdings, Petroleum Trust, and Jio Payments Bank.
Q: How did Jio Financial Services’ interest income and fee and commission income fare in the fourth quarter of 2024?
A: In the fourth quarter of 2024, Jio Financial Services reported an increase in interest income, rising to Rs 281 crore from Rs 269 crore in the third quarter. Additionally, fee and commission income experienced growth, reaching Rs 41 crore.
Q: What recent partnership did Jio Financial Services announce?
A: Jio Financial Services recently announced a strategic partnership with asset management firm BlackRock to launch a wealth management and broking business. This collaboration aims to leverage the strengths of both entities and enhance Jio Financial’s market position.