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Shares of Mukesh Ambani-led Jio Financial Services declined 3% at Rs 372 on BSE in Friday’s early trade as the investors await the fourth quarter earnings’ result later in the day.

Earlier this week, the firm announced that it signed an agreement with the asset management firm BlackRock, Inc for the launch of their wealth management and broking business.

The joint venture could potentially strengthen the JFSL relationship with Blackrock, Inc., with whom it had announced a 50:50 joint venture in July 2023 to transform India’s asset management industry through a digital-first offering and democratize access to investment solutions for investors in India.

The newly formed JV may compete with bank-led wealth management firms and firms like BNP Paribas Wealth Management, 360 One, Nuvama, and Avendus, among others.

In the last quarter, the company had reported a 32% decline in its revenue while the consolidated PAT growth was 56% lower than the previous quarter which ended in September 2023.

The EBIT growth was also down by 41% in Q3 as opposed to an increase of 44% for the quarter ended September 2023.

The company was demerged from its parent company, Reliance Industries Ltd last year and got listed as a separate entity on the exchanges in August 2023 at Rs 265, as against the issue price of Rs 211, which was a premium of 25%.

The consolidated earnings of Jio Financial include that of its subsidiaries, associates, and joint ventures. These are Jio Finance, Jio Payment Solutions, Reliance Industrial Investments and Holdings, Jio Insurance Broking, Jio Infrastructure Management Services, Jio Information Aggregator Services, Reliance Services and Holdings, Petroleum Trust, and JV firm Jio Payments Bank.

The company has given 51% returns to its investors in the past 3 months and 5.5% returns in the last one month alone.

Also read: Q4 results today: Wipro, Jio Financial among 15 companies to announce earnings

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

  • Published On Apr 19, 2024 at 11:48 AM IST

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