Jio Financial Services incorporates a subsidiary to distribute financial products; check details

“We would like to inform that the Company has incorporated a wholly owned subsidiary named Jio Finance Platform and Service Limited on August 14, 2024," JSFL said in a stock filing on August 15.

With its registered office in Mumbai, this new venture will offer a wide range of financial products and allied services.

Jio Financial Services will invest ₹1 lakh towards the initial subscription of 10,000 equity shares, each with a face value of ₹10.

The certificate of incorporation for the new subsidiary was received from the Ministry of Corporate Affairs, on August 15.

Jio Financial Services shares opened higher at ₹324 a piece on NSE and gained further to hit an intraday day high of ₹325.5 per share.

On August 5, Jio Financial Services informed that the company’s first annual general meeting (AGM) will be held on Friday, August 30.

The meeting will be conducted through Video Conferencing ("VC") and other Audio-Visual Means ("OAVM") to ensure accessibility and convenience for all participants.

Jio Financial Services reported a consolidated net profit of ₹313 crore for Q1FY25, reflecting a 5.7% decline year-on-year from ₹332 crore in the year-ago period.

Total revenue increased modestly by 0.97%, rising to ₹418 crore in the period under review from ₹414 crore in Q1FY24.

It reported a decline in total interest earned for the quarter, down by 20% year-over-year and 42% sequentially, at ₹162 crore.

The net gain on fair value changes saw significant growth, increasing by 25% year-over-year and 101% sequentially, reaching ₹218 crore.

In July, JSFL received the Reserve Bank of India (RBI) nod to transition from a non-banking financial company (NBFC) to a core investment company.

Shares of Jio Financial Services Limited were trading flat at ₹320.10 apiece on NSE at 1:15 pm.