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Jio Financial Q2 profit doubles to ₹668 crore
Mint Mumbai
|October 17, 2023
Co names former ICICI Bank executive Ganesh to steer technology
Reliance Industries Ltd-backed Jio Financial Services on Monday said net profit in the September quarter doubled to 668.2 crore from June quarter, on the back of higher income from operations.
This is the first financial results of the company after it got listed on the stock exchanges on 21 August. Jio Financial, resulting from the demerger of the financial services business of Reliance Industries, has plans to enter consumer finance, asset management and insurance.
Total revenue stood at 1608 crore in the September quarter, up 47% from the June quarter. While interest income in Q2 was lower than in Q1, a dividend income of ₹217 crore in the September quarter propped up total revenues. The company also reported ₹217.82 crore as its share of profit of associates and joint ventures, higher than 166.98 crore in the June quarter. This led to a higher consolidated net profit number than its aggregate revenues.
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