Jio Financial Q3 Performance: Net Profit Hits ₹293.82 Crore, Revenue Reaches ₹413.61 Crore

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Jio Financial Services, a non-banking financial institution (NBFC), disclosed its Q3FY24 results on Monday, revealing a 56% decline in net profits on a quarter-on-quarter (QoQ) basis, dropping from ₹668.18 crore in Q2FY24 to ₹293.82 crore. The quarterly revenue also experienced a 32% decrease from ₹608.04 crore in the quarter ending September 2023 to ₹413.61 crore in Q3FY24.

However, over the nine-month period concluding in December 2023, Jio Financial Services demonstrated significant financial growth compared to the fiscal year ending March 2023. The net profit surged from ₹32.25 crore to ₹1,293.92 crore, while revenue witnessed a remarkable increase from ₹41.63 crore in March 2023 to ₹1,435.78 crore in December 2023.

Jio Financial Services reported a 44% QoQ jump in net interest income (NII) to ₹269.08 crore in Q3FY24 from ₹186.06 crore in the quarter ending September 2023. Over the nine-month period, the NII increased from ₹38.34 crore in March 2023 to ₹657 crore in December 2023.

This marks the second financial report for Jio Financial Services since its stock exchange listing in August 2023, following its demerger from Reliance Industries. The NBFC aims to expand into consumer finance, asset management, and insurance.

In a regulatory filing, Jio Financial Services announced the appointment of Rupali Adhikari Sawant as Group Head of Internal Audit and Sudheer Reddy Govula as Group Chief Compliance Officer. The appointment of the Chief Compliance Officer aligns with RBI Circular on Compliance Function and Role of Chief Compliance Officer, for a four-year term.

Jio Financial's share price closed 4.55% higher on the BSE at ₹266.80 per share. Please note that the information provided is publicly available, and Gyaanleikh serves as a medium to deliver this information to its readers.

Jio Financial Services Q3 results
NBFC performance analysis
Net profit decline in Q3FY24
Revenue slump in Jio Financial Q3
Nine-month financial growth Jio Financial
NII increase quarter on quarter
Jio Financial Services stock exchange listing
Expansion plans in consumer finance
Asset management and insurance growth
Senior management appointments Jio Financial













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