Jio Financial Services Ltd. (JFSL) reported a healthy 6% rise in its consolidated net profit for the quarter ending March 2024 (Q4 FY24), reaching ₹311 crore. This is up from ₹294 crore in the previous quarter, showing continued momentum in its financial services business.
The company’s total income for the quarter also edged up slightly to ₹418 crore from ₹414 crore in Q3 FY24.
However, the market reaction didn’t mirror the company’s financial performance. Shares of Jio Financial closed 2.17% lower at ₹370 on the Bombay Stock Exchange on the day the results were announced. This drop surprised some investors, given the strong earnings report.
Looking at the bigger picture, Jio Financial has had a blockbuster year. For the full financial year (FY24), the company posted a net profit of ₹1,605 crore — a massive leap from just ₹31 crore in FY23. This jump signals the growing influence of JFSL in the financial sector following its demerger from Reliance Industries.
The company is also reportedly preparing to expand further into lending, asset management, and insurance, aligning with its strategy to become a one-stop financial powerhouse.
