Jio Financial shares down over 2% after slump in Q1 net profit

The fall in stock comes a day after JFS declared its financial results for the June 2024 quarter, with its net profit during the three-month period dropping by 6% year-on-year.

At the start of the trading session today, JFS opened at ₹350 apiece on the National Stock Exchange (NSE), down 1.5% as against the last closing price.

At 9:25 am, the shares plunged to ₹346.75, the day's low so far, which was down 2.4% as compared to the last closing price.

JFS Q1 results

JFS' net profit came in at ₹313 crore in the first quarter ended June 2024, which was down 6% as compared to ₹332 crore in the same quarter a year ago.

The company's total income rose marginally to ₹418 crore as against ₹414 crore in the June quarter of the previous year.

Total expenses increased to ₹79 crore from ₹54 crore in the same quarter of last year.

Recently, the company has received approval from the Reserve Bank of India to operate as a Core Investment Company (CIC).

JFS, carved out from RIL, is engaged in the business of investing and financing, insurance broking, payment bank and payment aggregator and payment gateway services. Its subsidiary Jio Finance Ltd launched a home loan product and loan against mutual funds in July.