Jio Fin Services zooms 4% on healthy Q4 numbers; profits rises 9%

Shares of Jio Financial Services zoomed 3.7 per cent at Rs 384 a piece on the BSE in Friday’s intraday trade. The rise in the stock price comes after the company delivered healthy numbers in its fourth quarter results for the financial year 2023-24 (Q4FY24). 

On Friday, the company, which listed in August 2023, reported a net profit of Rs 311 crore for the January-March quarter of FY24. This was a 6 per cent increase from Rs 294 crore reported during the December quarter.

The company’s consolidated revenue for the fourth quarter was Rs 418 crore, 0.9 per cent up from Rs 414 crore reported in the previous quarter.

The company’s net interest income (NII) came in at Rs 280 crore for the quarter versus Rs 269 crores in the last quarter. 

On an annual basis, the company's consolidated net profit jumped multi-fold to Rs 1,605  crore in FY24 against Rs 31 crore in the preceding fiscal, Jio Financial Services said in a regulatory filing.

Earlier this week, Jio Financial revealed a 50:50 joint venture with BlackRock to establish a wealth management and broking business. 

Additionally, the company and BlackRock have agreed to form a joint venture for entry into the asset management sector. Top-level hiring for the asset management company (AMC) is underway, with infrastructure and tech platforms identified.

Furthermore, Jio Financial has introduced debit cards and unveiled a revamped Digital Savings Account for its payments bank.

At 10:40 AM, the shares of the company were trading 3.76 per cent higher at Rs 383.90. A combined over 1.4 million shares of the company changed hands on the BSE. 

The stock of the company has moved up by 11 per cent in the last one month, while it has zoomed 85 per cent in the last six months. The stock is currently trading at a price to earnings multiple of 146.5 times. 

Jio Financial Services is engaged in the business of investing and financing, insurance broking, payment bank and payment aggregator, and payment gateway services.