The fourth quarter of Jio Financial Services Limited's fiscal year 2024, or Q4FY24, earnings were made public on Friday, April 19. Jio Financial's net profit for the quarter ending in March rose 6% compared to the same period last year to ₹310 crore.
Jio Financial, a non-banking financial company (NBFC) owned by Mukesh Ambani and Reliance Industries, has net interest income (NII) of Rs 280 crore for the fourth quarter. In contrast, there was Rs 418 crore in total revenue and Rs 418 crore in total interest income.
Previously, Jio Financial's net profit for the third quarter (October–December) was Rs 293 crore. In contrast, the net interest income for the third quarter (Q3 FY24) was Rs 269 crore. On the other hand, overall revenue was Rs 413 crore and total interest income was Rs 414 crore.
Jio Financial's shares closed at Rs. 370 today.
Shares of Jio Financial Services closed at Rs 370 today, down 2.22% from yesterday. As a result, the company's market valuation has reached Rs 2.35 lakh crore.
August 21st marked the listing of JFS shares.
On August 21, Jio Financial Services Limited (JFS) went public. It floated on the BSE at Rs 265 and the NSE at Rs 262. All stockholders who owned Reliance Industries shares received shares of Jio Financial in a 1:1 ratio at the close of business on July 19. An investor would receive 100 shares of JFS, for instance, if he owned 100 shares of RIL.
In July, the business split from RIL.
In July of this year, Reliance's financial services division was split off from its parent firm, Reliance Industries Limited (RIL). Jio Financial's share price was set at Rs 261.85 through the price discovery mechanism following the demerger.
Jio Financial intends to launch a lending service for both consumers and businesses. Reliance's financial services division was deemed a serious threat to Paytm and other fintech businesses in terms of market growth by global financial services giant Macquarie in a report from the previous year.
The announcement was made by Mukesh Ambani last year to divide Jio Financial into its own entity. He had stated that Jio Financial will be a technology-driven company that provides financial goods online to consumers all throughout the nation when making this announcement.
