Q2 Results impact: Jio Financial share price gains 3% as profit doubles in September quarter
Jio Financial Services rose over 3 percent to ₹232 on BSE on Tuesday after the company's profit doubled in the quarter ended September 2023 (Q2FY24) in its first results report after being carved out from Mukesh Ambani-led Reliance Industries. Its consolidated net profit surged 101.3 percent to ₹668.18 crore in the quarter under review versus ₹331.92 crore in the previous quarter (Q1FY24) on the back of higher income from operations. Meanwhile, its total income rose 46.8 percent QoQ to ₹608 crore as against ₹414 crore in Q1FY24.
The company’s total expenses rose 33 percent QoQ to ₹71 crore, primarily owing to higher employee expenses. Its interest income for the September quarter was ₹186 crore, compared to ₹202 crore a quarter ago. On a standalone basis, the company's revenue fell by 31 percent to ₹148.9 crore from ₹214.57 crore in Q1FY24.
However, profit came in at ₹88.76 crore versus just ₹2.03 crore in the year-ago period. Post the release of the second quarter results, the firm also announced the appointment of A R Ganesh as group chief technology officer. Before this, A R Ganesh had been associated with ICICI Bank for the last 13 years.
His exposure in the domain is spread across Cybersecurity, Enterprise IT, Service Delivery, and Banking Software product management. Throughout his career spanning 30 years, Ganesh has handled multiple roles including Banking and Financial Services (Capital Markets, Merchant Banking, and lending), IT product development & implementation, IT consulting and pre-sales, Management of offshore delivery units, and Retail Shared Services, said the company. In July this year, RIL demerged its financial services business into Jio Financial Services.
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