MCA clears appointment of Hitesh Kumar Sethia as Jio Financial MD for 3 yrs

Jio Financial Services on Monday said the Ministry of Corporate Affairs has accorded its approval for the appointment of Hitesh Kumar Sethia as managing director and chief executive officer of the company.

The appointment effective from November 15, 2023, is valid for three years, Jio Financial Services said in a regulatory filing.

The approval letter was received by the company on April 24, 2024, it said.

Earlier this month Jio Financial Services reported its quarterly results, 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.