Mumbai: Jio Financial Services has reported a consolidated net profit of Rs 294 crore for the December quarter — down 56% from Rs 668 crore in the preceding quarter.
The decline in net profit was largely due to a revenue of Rs 217 crore in the previous quarter from dividend income, higher gain from fair value changes and lower expenses. There is no year-on-year comparison, as JFS was carved out of Reliance Industries last year.
On a standalone basis, net profit stood at Rs 70.4 crore for the December quarter versus Rs 88.7 crore in the preceding quarter.
In a separate notice, the company said that RBI has approved the appointment of Hitesh Kumar Sethia as director, and he has been appointed MD & CEO since November 2023. Since Sethia is a German passport holder, the company has applied to the central government for approval.
The company started its insurance broking business in the quarter, forming partnerships with 27 insurance companies in both the general and life sectors. It has introduced embedded and extended warranty covers in the form of sachet insurance.
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