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Jio Financial Services Q1 profit rises 156% to ₹830 crore
Revenue climbed to ₹2,004 crore, helped by a surge in total income to ₹1,496 crore, while net profit grew despite operating expenses rising 291% YoY.
Jio Financial Services reported a consolidated net profit of ₹830 crore for its June-ended quarter, a 156% year-over-year jump from ₹325 crore, and a 205% sequential increase from ₹272 crore in the prior March quarter, the company said after market hours on Thursday, according to LiveMint Markets. Revenue from operations rose sharply to ₹2,004 crore from ₹612 crore in the preceding quarter, reflecting a 223% sequential increase. Total income increased 141% YoY to ₹1,496 crore, driven by a 165% jump in interest income to ₹962 crore and a more than fivefold rise in fees and commission income to ₹325 crore, the outlet reported. Despite operating expenses climbing 291% YoY to ₹991 crore due to higher finance costs, staff costs, and other operating expenses, JFSL said its profit growth was supported by stronger core income streams. It reported pre-provision operating profit (PPOP) rising 38% YoY to ₹505 crore, LiveMint Markets added. The company highlighted ongoing business activity across segments, including quarterly NBFC disbursements of ₹11,252 crore, up 2.7x YoY, and assets under management at Jio Credit Limited of ₹30,667 crore, over 2.6x YoY growth. It also cited expansion in payments and asset management, including product launches by JioBlackRock AMC and final approval from the International Financial Services Centres Authority to establish a retail Fund Management Entity in GIFT City.