Jio Financial Services Q4 results: Net profit up 5.8% to Rs 311 crore

Jio Financial Services Ltd’s consolidated net profit rose by 5.8 per cent year-on-year to Rs 311 crore in the quarter ended March 2024 (Q4FY24), up from Rs 294 crore in the same quarter of FY23.

The total income of the entity, which is a holding company for businesses including lending, insurance broking, asset management etc., rose to Rs 418 crore in Q4FY24 from Rs 414 crore in Q4FY23. This was the first annual results of the company as a listed entity, said Charanjit Attra, its chief operating officer, in a post-results earnings call. Its stock closed 2.17 per cent lower at Rs 370 per share on BSE.

For FY24, the consolidated net profit rose to Rs 1,605 crore from Rs 31 crore for FY23, primarily due to an increase in income and an increase in the share of net profit from the associates, Attra said. The total consolidated income grew to Rs 1,855 crore in FY24 from Rs 44 crore in FY23.

The company executives in an analyst call said it has conceptualised an operating lease business as an additional feature of embedded financial solutions. The approach is to offer embedded and digital products for which a unified app is being developed for customers.

The supply chain financing business has been launched already and products like home loans and loans against property are in the pipeline, they added.