Jio Financial reports profit growth of Rs 1,605 crore

BNE News Desk

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Mumbai: Jio Financial, a leading non-banking financial services company, has announced its consolidated net profit for the fourth quarter (Q4 FY24), showing a sequential increase of 5.72 percent - from Rs 293.82 crore in the previous quarter to Rs 310.63 crore. For FY24, the consolidated profit after tax (PAT) stands at Rs 1,605 crore.

On a standalone basis, Jio Financial reported a PAT of Rs 78 crore for Q4 FY24, up from Rs 71 crore in the last quarter, while the standalone PAT for FY24 reached Rs 383 crore.

The company's total income saw a modest increase of 0.93 percent quarter-on-quarter, reaching Rs 418.18 crore in Q4 FY24 compared to Rs 414.33 crore in the previous quarter.

Post-market hours, Jio Financial's shares settled 2.17 percent lower at Rs 370, Jio Financial has entered into a 50:50 joint venture with BlackRock Inc and BlackRock Advisors Singapore Pvt Ltd to establish a wealth management and broking business in India. This marks their second joint venture, following the successful launch of an asset management venture last year.

Gaurav Dua, Senior VP & Head anticipates significant disruptions in the industry with BlackRock's backing, expecting Jio to introduce innovative products.

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BNE News Desk