Jio Financial's Q2 net profit jumps 101% to Rs. 668cr
What's the story
Jio Financial Services has announced its first-ever quarterly results since going public in August.
The company posted a strong consolidated profit of Rs. 668.18 crore for the September quarter, marking an impressive 101.3% increase from the previous quarter's profit of Rs. 331.92 crore in the June quarter.
The non-banking financial company (NBFC), a spin-off from Mukesh Ambani's Reliance Industries, reported a total income of Rs. 608.04 crore for the quarter.
Details
Interest income and market capitalization
The company's interest income for the quarter amounted to Rs. 186.06 crore, slightly down from Rs. 201.86 crore in the April-June FY24 quarter.
Jio Financial Services's total market capitalization is currently valued at Rs. 1.43 lakh crore, based on data from stock exchanges.
On October 16, the company's shares closed at Rs. 224.80 apiece on the National Stock Exchange (NSE), reflecting a modest 0.11% increase.
What Next?
New group chief technology officer appointed
In addition to its Q2 earnings report, Jio Financial Services announced the appointment of AR Ganesh as the Group Chief Technology Officer, effective from today.
Ganesh previously served as Chief Information Security Officer (CISO) at ICICI Bank, where he managed cybersecurity operations.
His expertise is expected to bolster the company's technological capabilities and security measures.