Jio Financial Services Q3 Results: Net profit flat at ₹295 crore, revenue up 6% YoY; AUM rises to ₹4,199 crore

Jio Financial Services Q3 Results: Jio Financial Services Ltd announced its October-December quarter results for fiscal 2024-25 (Q3FY25) on Friday, January 17, reporting a marginal rise of 0.3 per cent in net profit to ₹295 crore, compared to ₹294.8 crore in the corresponding period last year.

Demerged from billionaire Mukesh Ambani-led oil-to-telecom conglomerate Reliance Industries Ltd (RIL), Jio Financial Services Ltd is engaged in the business of investing and financing, insurance broking, payment banking, payment aggregator/ payment gateway services and asset management.

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Jio Financial Services Q3 Results: Key Metrics

Total income increased to ₹449 crore from ₹414 crore in the third quarter of the previous fiscal year. Total expenses also increased year-on-year (YoY), at ₹131 crore, compared to ₹99 crore in the same quarter a year ago.

Jio Financial Services reported an increase in its assets under management (AUM), rising to ₹4,199 crore, compared to ₹1,206 crore in the preceding September quarter of FY25. The digital footprint grew in the December quarter, with an average of 7.4 million monthly active users (MAUs) across all its digital platforms. The NBFC now operates in seven cities with nine offices.

Also Read: Jio Financial Services Q2 Results: Net profit rises 3% to ₹689 crore, revenue up 14% YoY; 5 key highlights

Formerly known as Reliance Strategic Investments Limited, the NBFC's Payments Bank Business Correspondent network expanded to as many as 7,300 outlets. JFSL said that it secured a marketing tie-up with the MyJio app to boost customer acquisition in the near term. Further, Jio Payments Services Ltd (JPSL) has received an Online Payment Aggregator license. 

For the nine months ended December, the NBFC's net profit also improved marginally to ₹1,296 crore as against ₹1,294 crore in the same period a year ago. Jio Financial and BlackRock have agreed to form a joint venture (JV) to enter into the asset management industry and filed for final approval.

On October 19, 2023, the joint venture (JV) company applied to the capital markets regulator, the Securities and Exchange Board of India (SEBI), to start a mutual fund (MF) business. Jio BlackRock Asset Management Private has also filed for final approval, and JFSL said it has applied for a Third-Party Application Provider (TPAP) license for its JioFinance app.

Also Read: Jio Financial Services gets RBI green light to become a core investment company

Jio Financial Services announced that it had incorporated Jio BlackRock Investment Advisers Private Ltd to offer wealth management services in September 2024 and that the recruitment of the wealth management company's senior leadership team is currently in progress.

On Friday, Jio Financial Services shares closed 0.83 per cent higher at ₹279.05 after the market session, compared to ₹276.75 at the previous market close. The NBFC released the third-quarter results for FY25 after the stock market operating hours on Friday, January 17.