Jio Financial Services share price tanks over 6% after Q3 results

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₹250.10 apiece on the BSE. The demerged entity of Reliance Industries, Jio Financial Services Ltd (JFSL) recorded a 56% quarter-on-quarter (QoQ) decline in their net profit for the third quarter of FY24 at ₹293.82 crore from ₹668.18 crore in the September quarter. The company’s revenue in Q3FY24 slumped 32% to ₹413.61 crore from ₹608.04 crore, QoQ.

Read here: Jio Financial Q3 Results: Net profit recorded at ₹293.82 crore, revenue at ₹413.61 crore Jio Financial Services’ net interest income (NII) jumped 44% QoQ to ₹269.08 crore in Q3FY24 from ₹186.06 crore during the quarter ending September 2023. This was the NBFC Jio Financial Services' second financial results after the stock exchange listing in August 2023 post its demerger from billionaire Mukesh Ambani-led Reliance Industries Ltd (RIL). (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) The sequential fall in JFS net profit was due to absence of dividend income on shares held in Reliance Industries Ltd.

and increase in opex on employee addition, capacity building and CSR expenses, analysts said. “JFSL successfully completed a sandbox for Consumer Durable Loans and Personal Loans, however, post RBI tightening on consumer unsecured lending the company has increased its focus on secured lending including leasing as a product. The company plans to start a 100% leasing subsidiary under which it plans to provide equipment on lease to end customer," Centrum Broking said in a report.