Jio Financial Services (JFS) announced a significant increase in their consolidated net profit for the second quarter of the current financial year (Q2FY24).
Consolidated net profit more than doubled, surging by 101.3% to reach Rs 668.18 crore, up from Rs 331.92 crore in the previous quarter.
Total income saw a robust growth of 46.8%, reaching Rs 608 crore, compared to Rs 414 crore in Q1FY24.
Expenses increased by 32.7% to Rs 71.43 crore, up from Rs 53.81 crore on a quarter-on-quarter basis.
On a standalone basis, the company’s revenue declined by 31%, totaling Rs 148.9 crore, down from Rs 214.57 crore in Q1FY24. Profit stood at Rs 88.76 crore, in contrast to Rs 2.03 crore for the same period last year.
On Monday, at the NSE, Jio Financial Services’ shares closed at Rs.224.85, marking a modest increase of 0.13%.