The profit of Jio Financial, the financial services company demerged from Reliance Group, has declined by more than 20% in the December quarter. Jio Financial Services’ standalone profit declined by 20.6% to Rs 70.48 crore in the third quarter. According to exchange filing, the company’s standalone income also declined by 10% and stood at Rs 134 crore.
Jio Financial Services Q3 results
- Profit declined 20.6% to Rs 70.48 crore (QoQ)
- Total income down 10% to Rs 134 crore (QoQ)
If seen on consolidated basis, there was a decline of 56% in the company’s profit and it came down from Rs 668.1 crore to Rs 293.8 crore. Along with the results, Jio Financial also informed about some appointments in senior management which will be effective from January 15. Jio Financial appointed Rupali Adhikari Sawant as Group Head of Internal Audit.
Apart from this, the company has appointed Sudheer Reddy Govula as Chief Compliance Officer for 4 years.
Jio Financial had also announced new business ventures in the September quarter. The company is planning to enter lending, insurance broking, payments bank and payment solutions business.
Ahead of the results, Jio Financial Services shares closed at 266.80, up 4.55% on BSE.
