Jio Financial Services Ltd has disclosed its financial performance for the fourth quarter of the fiscal year 2023-24 (Q4 FY24), revealing a consolidated net profit of Rs 310.63 crore.
This represents a 5.72% increase from the net profit of Rs 293.82 crore reported in the previous quarter, Q3 FY24.
For the entire fiscal year FY24, the company's consolidated profit after tax (PAT) amounted to Rs 1,605 crore.
On a standalone basis, Jio Financial recorded a PAT of Rs 78 crore for Q4 FY24, up from Rs 71 crore in the preceding quarter. The standalone PAT for the full fiscal year FY24 was Rs 383 crore.
In Q4 FY24, Jio Financial's total income rose by 0.93% compared to the previous quarter, reaching Rs 418.18 crore, up from Rs 414.33 crore.
These quarterly results were announced after the market closed, with Jio Financial's shares settling 2.17% lower at Rs 370.
Recently, Jio Financial entered into a partnership with BlackRock, a global investment management corporation, to establish a 50:50 joint venture (JV) for launching a wealth management and broking business in India. This marks the second collaboration between Jio and BlackRock, following their joint venture in the asset management sector 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 democratize access to investment solutions for investors in India," said the NBFC earlier.
