Jio Financial Services on Friday reported a consolidated net profit of Rs 295 crore for the quarter ended December 31, 2024, which was flat versus Rs 294 crore posted in the year-ago period.
On a sequential basis, net profit sharply dropped from Rs 689 crore in Q2FY25, as the company received significant profits from associates and joint ventures amounting to Rs 225 crore, along with Rs 240 crore in dividend income, which had inflated the bottom line in the September quarter.
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The revenue of the Ambani-promoted company rose 8.2% YoY to Rs 448 crore as against Rs 441 crore in the previous year’s similar quarter. However, the total revenue dropped 35% YoY from Rs 693 crore in Q2FY25. This was largely due to one-time dividend income incurred during Q2FY25 of `240 crore.
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The company’s core interest income fell from Rs 269 crore in Q3 FY24 to Rs 210 crore in Q3 FY25. However, the net gain on fair value changes surged 91%, reaching Rs 191 crore in Q3 FY25, up from Rs 103 crore. The company’s assets under management (AUM), rose to Rs 4,199 crore, compared to Rs 1,206 crore in Q2 FY25. The payments bank also experienced robust growth, with its Current Account and Savings Account (CASA) customer base expanding by 25% quarter-on-quarter to 1.89 million. Additionally, JFSL embedded its payment solutions into JioBharat.
The company’s digital base continued to expand with JFSL reporting an average of 7.4 million monthly active users (MAUs) across all its digital platforms. The NBFC now operates in seven cities with nine offices.
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To further enhance its customer base, the company has secured a marketing tie-up with the MyJio app. Additionally, Jio Payments Services (JPSL) received an Online Payment Aggregator license. Jio BlackRock Asset Management Private has also filed for final approval, and JFSL has applied for a Third-Party Application Provider (TPAP) license for its JioFinance app.
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