Jio Financial Services Reports 3.13% Increase in Consolidated Net Profit for the September 2024 Quarter
Fintech company Jio Financial Services (JFS) reported a consolidated net profit of INR 689.07 crore for the June-September quarter (Q2) of the financial year 2024-25 (FY25), reflecting a 3.13% increase from INR 668.18 crore in the same quarter last year.
Jio Finacial Services
On a quarter-on-quarter (QoQ) basis, net profit surged by 120.27% from INR 312.83 crore in Q1 FY25. Operating revenue also rose over 14%, reaching INR 693.50 crore during the review quarter, up from INR 608.04 crore in Q2 FY24. On a QoQ basis, this represented a 65.91% increase from INR 418 crore.
Total expenses more than doubled to INR 146.07 crore in Q2 FY25, compared to INR 71.43 crore in the previous year’s quarter, and stood at INR 79.35 crore in Q1 FY25. JFS was spun off from Reliance Industries Ltd (RIL) and listed on stock exchanges in August last year. The company provides a wide range of financial services, including UPI payments, loans, and insurance.
The JioFinance app, which launched in beta in May, now boasts 6.5 million average monthly active users (MAUs). A new version of the app was launched in October 2024, following its initial integration with the MyJio app in September. In an investor presentation, JFS announced that it increased its stake in the Jio Payments App to 82.17% in August 2024 and expanded its business correspondent network to 3,000, with plans for further growth.
Recently, the company received SEBI’s in-principle approval for its joint venture (JV) with BlackRock to establish a mutual fund business. Updates on the JV indicate that the product roadmap and go-to-market strategy are in advanced stages, with system deployment for technology platforms on schedule.
Jio Financial Services launched new products such as loans against property, loans on securities, and term life insurance in September 2024. In August, it introduced home loan balance transfers, health insurance, salary accounts, and physical debit cards.
In July 2024, the company rolled out loans on mutual funds, home loans, auto and two-wheeler insurance, along with corporate lending services like term loans and working capital. JFS now offers a direct-to-customer (D2C) product portfolio of 24 insurance plans across four categories: auto, two-wheeler, health, and life.
On the UPI front, JFS has enabled UPI International in countries including France, UAE, Singapore, Bhutan, Sri Lanka, and Nepal.
Additionally, discussions are ongoing with BlackRock to establish a private credit venture, which will be a 50:50 partnership aimed at tapping into India's growing direct lending market to provide loans to businesses ranging from large corporations to startups.
Jio Financial Services shares closed today’s trading session up 0.4% at INR 330.55 on the BSE.
