Jio Financial Services Ltd on Friday reported a consolidated net profit of Rs 310.63 crore in the fourth-quarter (Q4 FY24), up 5.72 per cent sequentially from Rs 293.82 crore in December quarter (Q3 FY24).
The non-banking financial services company's (NBFC's) consolidated PAT (profit after tax) for FY24 (2023-24) stood at Rs 1,605 crore.
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On a standalone basis, PAT was at Rs 78 crore for Q4 FY24 compared to Rs 71 crore in the last quarter. Standalone PAT for FY24 came at Rs 383 crore.
Jio Financial's total income rose 0.93 per cent (quarter-on-quarter) to Rs 418.18 crore in Q4 FY24 as against Rs 414.33 crore in the previous quarter.
The quarterly results were declared post-market hours today. Shares of Jio Financial settled 2.17 per cent lower at Rs 370.
The NBFC has recently entered into a pact with BlackRock. Jio Financial said it has signed an agreement with BlackRock Inc and BlackRock Advisors Singapore Pte Ltd to form a 50:50 joint venture (JV) for setting up a wealth management and broking business in India.
This is Jio and BlackRock's second JV. The duo had launched an asset management venture last year.
"This JV further strengthens the company's relationship with Blackrock, with whom Jio had announced a 50:50 joint venture on July 26, 2023 to transform India's asset management industry through a digital-first offering and democratise access to investment solutions for investors in India," the NBFC stated.
"With BlackRock backing, we expect Jio to come up with innovative products. The company is set to create a lot of disruptions in the space," Gaurav Dua, Senior VP & Head - Capital Market Strategy at Sharekhan by BNP Paribas, told Business Today TV.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
