Jio Financial Services Q4 Results Highlights: Net profit rises 5.7% to ₹311 crore

Jio Financial Services Q4 Results Live Update at 7:50 pm: Jio Financial Services said that products in its pipeline are home loans, loan again property and loan against mutual funds

Jio Financial Services Q4 Results Live Update at 7:43 pm: The company reported a total loan of ₹173 crore for the quarter, up from ₹41 crore in the same period last year, according to Jio Financial Services' latest investor presentation.

Jio Financial Services Q4 Results Live Update at 7:32 pm: Top-level hiring for AMC is in progress, the company said as it has formed a joint venture with BlackRock to enter into the asset management industry. Infrastructure and tech platforms identified for the fund house, it said.

It is in the implementation stage, it noted.

Jio Financial Services Q4 Results Live Update at 7:23 pm: Financial highlights FY24

• Consolidated PAT for FY24 at ₹1,605 crore
• Consolidated PAT at ₹311 crore for Q4 FY24 (Q3 FY24 at ₹294 crore)
• Standalone PAT for FY24 at ₹383 crore
• Standalone PAT at ₹78 crores for Q4 FY24 (Q3 FY24 at ₹71 crore)

Jio Financial Services Q4 Results Live Update at 7:15 pm: On an annual basis, the company's consolidated net profit jumped multi-fold to ₹1,605 crore in FY24 against ₹31 crore in the preceding fiscal, Jio Financial Services said in a regulatory filing. Its revenue improved marginally to ₹418 crore from ₹414 crore in the December quarter.

Its expenses also increased marginally to ₹103 crore against ₹99 crore in the third quarter.

Jio Financial Services Q4 Results Live Update at 7:10 pm: Key Strengths

Capital

• Strong capital base to fund growth strategy
• Standalone net worth ₹24,437 crore
• JFL Rated “AAA” by CRISIL

Brand

• Well-established brand presence that drives trust and recognition

Digital, analytics and technology

• Capitalizing on new entrant advantage with end-to-end digital offerings
• Tech stack - agile, modular, cloud native, built-to-suit, SaaS, open source
• Data from Credit Bureau, Account Aggregator and Alternate Data within regulations
• Continuous monitoring and enhancement with AI/ML technology

Proximity to customers

• Facilitating easy customer access through the ecosystem

Jio Financial Services Q4 Results Live Update at 7:04 pm: The Company, BlackRock Inc and Blackrock Advisors Singapore Pie.Ltd have signed an agreement on April 15, 2024 to form a 50:50 joint venture for the purpose of undertaking wealth business including incorporation of a wealth management company and subsequent incorporation of a brokerage Company in India.

Jio Financial Services Q4 Results Live Update at 7:02 pm: Business update

• Tie ups with 29 insurance companies
• Embedded Insurance for white goods at point of sale
• Extended Warranty for consumer durables and mobiles launched
• Leveraging Jio Payment Solutions Limited’s merchant platforms for shop insurance
• Launch of institutional sales channel

Jio Financial Services Q4 Results Live Update at 6:57 pm: Jio Financial Services announced a net profit of ₹311 crore for the January-March quarter of the financial year 2023-24. The company's net interest income (NII) for the quarter was ₹280 crore. Its total income and revenue both stood at ₹418 crore.

Jio Financial Services Q4 Results Live Update at 6:30 pm:

Jio Financial Services Q4 Results Live Update at 6:20 pm:

Jio Financial Services Q4 Results Live Update at 6:15 pm: Jio Financial Service’s net interest income (NII) stood at ₹280 crore for the quarter. Its total income came in at ₹418.18 crore and revenue at ₹418.10 crore.

Jio Financial Services Q4 Results Live Update at 6:10 pm: Jio Financial Services consolidated total income for FY24 stood at ₹1,855 crore compared to ₹44 crore in FY23.

Jio Financial Services Q4 Results Live Update at 6:05 pm: Jio Financial Services profit after tax rose 5.7% QoQ to ₹311 crore

Jio Financial Services Q4 Results Live Update at 6:00 pm: Jio Financial Services reported revenue of ₹418.10 crore for the fourth quarter, up 1.08% compared to previous quarter.

Jio Financial Services Q4 Results Live Update at 5:50 pm: Jio Financial Services on April 19 reported a net profit of ₹311 crore for the January-March quarter of the financial year 2023-24.

Jio Financial Services Q4 Results Live Update at 4:54 pm: Know everything about Jio Financial Services

Jio Financial Services Ltd was incorporated as Reliance Strategic Investments Pvt Ltd in 1999. The name of the company was later changed to Reliance Strategic Investments Ltd and a fresh certificate of incorporation was issued in 2002. It was again changed to Jio Financial Services Limited on July 25, 2023.

Jio Financial Services Q4 Results Live Update at 4:36 pm: Jio Financial Services Limited will announce results shortly for Q4 FY24.

Jio Financial Services Q4 Results Live Update at 4:12 pm: Jio Financial Services Limited was demerged from the Mukesh Ambani-led Reliance Industries last year, making its debut on the exchanges in August 2023.

Jio Financial Services Q4 Results Live Update at 3:48 pm: Benchmark indices closed in the positive territory on Friday. SENSEX rebounded 599.34 points to settle at 73,088.33, while NIFTY50 climbed 151.15 points to 22,147.

Jio Financial Services Q4 Results Live Update at 3:34 pm: Jio Financial Services shares closed at ₹370, down 2.22%, on the NSE ahead of the Q4 FY24 financial result announcement.

Jio Financial Services Q4 Results Live Update at 3:20 pm: Shares of JFS are trading at ₹370, reflecting a decline of 2.19%, on the National Stock Exchange (NSE). Intraday, the stock hit a high of ₹378.10.

Jio Financial Services Q4 Results Live Update at 2:57 pm: The market capitalisation of Jio Financial Services, a non banking financial company (NBFC), stands at ₹2,35,770 crore, while the free float market capitalisation is ₹1,20,307 crore. This stock was listed in the bourses on August 21, 2023.

Jio Financial Services Q4 Results Live Update at 2:25 pm: The stock had hit a life high of ₹384.40 on Thursday. Presently, the scrip is trading at 370.40, down 2.1%.

The company is registered as Non-Banking Financial Company (NBFC) with the Reserve Bank of India (RBI).

Jio Financial Services Q4 Results Live Update at 1:42 pm: Board of Directors

• Kundapur Vaman Kamath, Independent Director and Non-executive chairman
• Isha Ambani, Non-Executive Director
• Rajiv Mehrishi, Independent Director
• Sunil Mehta, Independent Director
• Bimal Manu Tanna, Independent Director
• Rama Vedashree, Independent Director
• Anshuman Thakur, Non-Executive Director
• Hitesh Kumar Sethia, Managing Director and Chief Executive Officer

Jio Financial Services Q4 Results Live Update at 1:19 pm: Shares of Jio Financial Services fell 1.6% to trade at ₹372 on the NSE.

Jio Financial Services Q4 Results Live Update at 12:40 pm: Jio Financial Services Limited's revenue stood at ₹413.61 crore in Q3FY24.

Jio Financial Services Q4 Results Live Update at 11:52 am: Shares of Jio Financial Services were trading at ₹371, down 1.9%, on the NSE. Intraday, the stock hit a high of ₹378.

Jio Financial Services Q4 Results Live Update at 11:34 am: What the company has said on Q4 results

"A meeting of the Board of Directors of the company is scheduled to be held on Friday, April 19, 2024, inter alia, to consider and approve the standalone and consolidated audited financial results of the company for the quarter and year ended March 31, 2024," the company had said in a regulatory filing.

Jio Financial Services Q4 Results Live Update at 11:20 am: Reliance Industries' financial services arm, Jio Financial Services, is in focus after it announced a joint venture with BlackRock to foray into the broking and wealth management business. Read more.

Jio Financial Services Q4 Results Live Update at 11:01 am: Shares of Jio Financial Services were trading 2.1% lower at ₹370 on the NSE. Intraday, the stock hit a high of ₹378.

Jio Financial Services Q4 Results Live Update at 10:40 am: Jio Financial Services will announce its Q4 FY24 financial results on Friday, April 19.

Jio Financial Services Q4 results today: The Q4 FY24 earnings season has begun, and many companies will release their quarterly earnings on Friday, April 19. Jio Financial Services will also post its financial results today.

At 10:26 am, shares of Jio Financial Services were trading 1.6% lower at ₹372 apiece on the NSE as the stock is under the radar ahead of the March quarter results.

Other companies that will release Q4 results today are Wipro, HDFC Asset Management Company, KP Green Engineering, Hindustan Zinc, Benares Hotels, Amal Ltd, Elecon Engineering and Sejal Glass.

Also read: Infosys Q4: 30% growth in net profit, board declares total dividend of ₹28; check details

The benchmark indices opened in red on Friday amid the rising geopolitical tensions. NIFTY 50 opened 0.61% or 134 points lower at 21,861, while SENSEX dropped 0.68% or 489 points to 71,999.