Into the second week of the earnings season, as many as 24 companies will announce their December quarter results on Monday. Street will be keeping a track on Mukesh Ambani promoted Jio Financial Services. The company is a subsidiary of the Reliance Industries (RIL) but became an independent company and was listed on the stock exchanges in August 2023.
Among other earnings that are likely to be tracked include those from Angel One, Kesoram Industries and PCBL.
Last week over 40 companies announced their October-December earnings. Among them were, IT bellwether Tata Consultancy Services, Infosys, HCL Technologies, Wipro, HDFC Asset Management Company, HDFC Life Insurance Company and Avenue Supermarts.
Avenue Supermarts which owns and operates retail stores DMart on Saturday reported strong numbers for the quarter ended December, with the consolidated net profit rising 17% year-on-year (YoY) to Rs 690.61 crore. Consolidated revenue from operations at Rs 13,572.47 crore too, increased by more than 17% from the year-ago period.
Jio Financial Services Q3 results
RIL’s newly listed subsidiary is set to release its earnings for the quarter ended December which will be the second earnings announcement of the demerged financial services business of the conglomerate since listing. As a result, there are no estimates available for the company’s quarterly performance. For the six months ended September, Jio Financial reported a revenue of Rs 1,022 crore and a net profit of Rs 1,000 crore, according to KRChoksey Research.
The December quarter numbers would detail performance of each of the business of the company.
Jio Financial Services will be running the financial services business through six major subsidiaries/joint ventures, namely Jio Finance, Jio Insurance Broking, Jio Payment Solutions, joint venture Jio Payments Bank and the proposed JV with BlackRock for mutual fund business.
The Securities and Exchange Board of India (SEBI) is in the process of granting in-principle approval to Jio Financial and BlackRock Financial Management to launch their mutual fund business.
In July last year, the financial services arm of RIL and the world’s largest asset management firm, BlackRock, signed a $300 million agreement to form a 50:50 joint venture for offering investment solutions.
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