Jio Financial Services Q2 results: Net profit surges 101% to Rs 668 crore

Total income rose by 46.8% to Rs 608 crore from Rs 414 crore in Q1FY24. Expenses up by 32.7% at Rs 71.43 crore from Rs 53.81 crore quarter on quarter

The consolidated net profit of Jio Financial Services (JFS) for the second quarter of the ongoing financial year (Q2FY24) doubled by 101.3 per cent to Rs 668.18 crore from Rs 331.92 crore last quarter, the company stated in BSE filing on Monday.

Total income rose by 46.8 per cent to Rs 608 crore from Rs 414 crore in Q1FY24. Expenses went up by 32.7 per cent at Rs 71.43 crore from Rs 53.81 crore quarter on quarter.

On a standalone basis, the company's revenue fell by 31 per cent to Rs 148.9 crore from Rs 214.57 crore in Q1FY24. Profit stood at Rs 88.76 crore, compared to Rs 2.03 crore last year during the same period.

Following the release of the second quarter results, the firm also announced the appointment of A R Ganesh as group chief technology officer, forming part of senior management personnel (SMP) of the company.

Prior to this appointment, A R Ganesh had been associated with ICICI Bank for the last 13 years. In his last role, he was the chief information security officer (CISO), having overall oversight on cybersecurity. His expertise lies across cybersecurity, Enterprise IT, Service Delivery and Banking Software product management. Ganesh's career in fields of banking and financial services spans across 30 years.  He also has experience in IT product development & implementation, IT consulting & pre-sales, and management of offshore delivery units and retail shared services.