Jio Financial Services Q3 results highlights: JFSL reports net profit of ₹293 crore

The December quarter's total expenses of Jio Financial Services came to ₹98.95 crore. In Septemeber, it was ₹71.43 crore.

In an exchange notification, Jio Financial Services said that it has made two new appointments in the senior management.

"Board of Directors, on the recommendation of the Nomination and Remuneration Committee and Audit Committee, approved the appointment of Rupali Adhikari Sawant as Group Head - Internal Audit of the Company with effect from January 15, 2024 and Sudheer Reddy Govula as Group Chief Compliance Officer of the Company in accordance with RBI Circular on Compliance Function and Role of Chief Compliance Officer, for a period of four years with effect from January 15, 2024," the company said.

The consolidated revenue from operations of Jio Financial Services slumped 32% on a sequential basis to ₹413.61 crore from the previous ₹608.04 crore, according to Mint.

Jio Financial Services has reported a net profit of ₹293 crore for the December quarter of the current financial year. This is lower than the previous quarter's ₹668 crore profit.

In October, Jio Financial Services announced a net profit of ₹668.2 crore. This was double than what it had earned the quarter before.

According to a filing by Jio Financial Services, it has sought permission from the Central Government to appoint Hitesh Kumar Sethia as the company's managing director (MD) and chief executive officer (CEO), reports Mint.

The shares of Jio Financial Services close at nearly 5 percent of its opening price on Monday, with the shares priced at ₹267.53 apiece.

According to projections, it is likely that Reliance shares will rally over ₹3000 in the next market session while JFSL shares are expected to cross ₹290 tomorrow.

Ahead of the Q3 result of JFSL, the share prices of Reliance Industries also jumped up to a new all-time high, currently at ₹2,789.

Not just Jio Financial Services, but Reliance Industries Infrastructure is also expected to release its quarterly results soon, most likely today.

After showing a 9 percent growth in early trade hours, JFSL shares have now jumped up by 11 percent for the month, standing at ₹269 apiece.

For the first six months that ended on September 2023, JFSL showed a net revenue of ₹1022 crore, with an overall profit of ₹1000 crore, according to KRChoksey Research.

Reliance Industries Limited (RIL), the biggest conglomerate of the country, will be revealing its Q3 results this week on Friday, January 19.

Jio Financial Services share prices have rallied over 11 percent over the last one month, showing exponential rise nearing its Q3 results.

Jio Financial Services in October 2023 submitted papers to SEBI proposing a joint venture with BlackRock Financial Management. The documents are currently under review with SEBI.

Jio Financial's total revenue from operations increased 47 percent last quarter, leading to the profits nearly doubling till September. Similar results are anticipated for Q3.

With Sensex and Nifty hitting a record high today, it is expected that JFSL shares will also hit a new high today after its Q3 results are announced.

After the demerger in August 2023, Jio Financial Services has had a stunted growth on the stock market. However, its shares rallied last week along with RIL, making Mukesh Ambani the richest person in India once again.

KRChoksey Shares and Securities said in a January note that JFSL shows great promise, which has led to its shares rallying in the stock market. It is expected that the firm's profits will further grow from the last quarter.

The profits of Jio Financial Services have doubled in September, according to the last quarter result. The Non-Banking Financial Company (NBFC) reported a doubling of profit at ₹668 crore in September 2023.

In January 2024, the share prices of Jio Financial Services are already up by 9 percent. Meanwhile, the shares of JFSL stood at ₹258.95 today, up 1.53 percent as of 11:00 am.

Apart from JFSL, it is likely that the Q3 results of Reliance Industries Infrastructure will also be out today, January 15. However, JFSL will hold the prime focus.