Jio Financial Q1 results: Net profit declines 6% YoY to ₹312.63 crore; Here are 4 key highlights

Jio Financial Services, on Monday, announced its quarterly results ending on June 30, 2024. The company posted a 6 per cent year-on-year (YoY) decline to ₹312.63 crore. According to the filing, the profit sequentially increased by 0.6 per cent from ₹310.6 crore in the June quarter.

Total expenses increased to ₹79.35 crore in the June quarter from ₹53.81 crore a year ago, but decreased from ₹103.12 crore in the preceding March quarter.

The earnings were announced after market hours, and the stock closed at ₹355.70 on the NSE, an increase of ₹5.35 or 1.53 per cent compared to Friday’s closing price.

Here are 4 key highlights from the earnings -

Profit After Tax

Jio Financial Services reported a net profit of ₹313 crore for the June quarter, marking a 6 per cent year-on-year decline compared to the ₹332 crore recorded in the same period of the previous financial year. On a standalone basis, the PAT for the reporting quarter was ₹72 crore, compared to ₹78 crore in the January-March quarter and ₹145 crore in the same period last year.

Revenue from Operations

Total revenue from operations for the reported quarter was ₹418 crore, marking a 0.9% increase from the ₹414 crore reported in the same period last year. Total standalone revenue from operations for the reported quarter was ₹134 crore, compared to ₹141 crore in Q4FY24 and ₹215 crore in Q1FY24.

Interest Income

Interest income for the reported quarter was ₹162 crore, a decrease from ₹281 crore in Q4 FY24 and ₹202 crore in the June quarter FY24.

New business

Jio Financial also announced that it began leasing AirFiber devices in June 2024.Additionally, the company also revealed that it has received approval from the Reserve Bank of India (RBI) to transition from a non-banking financial company (NBFC) to a core investment company.

“Forward-looking statements are based on certain assumptions and expectations of future events. The companies referred to in this presentation cannot guarantee that these assumptions and expectations are accurate or will be realized,” Jio Financial Services said in investor presentation.