Mukesh Ambani’s owned Jio Financial Services Limited (JFS) shared its Quarter-2 results on Monday, 16th October 2023. The Quarter-2 results of Jio are on the profit side and it shows the net figure of the earnings. According to the reports, the net profit for July-September is double from its previous quarter and showcasing the higher income from operations. The company has recently got a spot on the list of stock exchanges and this result marked its first financial services after its listing on 21st August. Well, ever since this news was reported online, several people have been looking to know about it. Continue to read to grab more details.
Jio Financial Services Quarterly Results
This time the net profit of JFS skyrocketed 101.30 per cent to Rs 668.18 crore from Rs 331.92 crore in the first quarter. This news has been officially shared by the company stating that this profit is showing healthy growth in the revenue of the firm. However, If compared on a year-on-year basis, the company’s profit has declined. Now, the total revenue of Jio from operations has increased 46% to Rs 608.04 crore from the previous quarter which was Rs 414.13 crore. This was partly aided by the dividend revenue of Rs 216.85 crore. The report states the expenses of Jio increased by 32.74% sequentially to Rs 71.43 crore as compared to the previous one which was Rs 53.81 crore.
However, last year, the company showed a profit of Rs1,000 crore in a similar quarter and compared to this, the company has gotten a net profit of Rs. 668 crore this year. As per the reports, this time, the interest income of the company has decreased. The company has reported Rs 186 crore of interest income this year, which was around Rs 202 crore in the previous quarter. In the last year, the interest income of JSF was Rs 387.92 crore in a similar quarter. Simply say, that quarter by quarter or year by year, the interest income of the company has decreased. Now the question is how the company has generated a profit of Rs 668 crore in the second quarter.
This year, Jio has reported Rs 608 crore as the total income of the company, but the profit figure has been showing the result of Rs 668 crore. How many investors are looking to know if the total income of JSF is Rs 608 crore then how the company gets this much profit. This profit is the result of the collaboration of Jio in the form of a Joint Venture (JV) with other companies. This Joint Venture helped Jio to get a profit of Rs 217.8 crore and due to that, it is showing this much profit. Furthermore, in the board meeting of the company, many new changes have been approved. The former executive of ICICI Bank, Ganesh has been appointed as Chief Technology Officer of Jio Financial Service Limited. The reports further added that ever since Jio listed its shares on the list of stock exchange, the shares of the company have continuously decreased.
It is noted that Jio Financial Services Limited aims to become an entire service financial sector with operations across digital payments, retail lending, insurance broking, and asset management. Earlier, the company announced its 50:50 joint venture with BlackRock for running the asset management business. As per arrangement, both companies will make an initial investment of $150 million from both sides. Besides it, Mukesh Ambani, the Chairman of Reliance Industries had announced the plan of Jio Financial to enter into the insurance market with the partnership of global players. This announcement has been made during the 46th Annual General Meeting of Reliance Industries.