Jio Financial’s Q3 net profit down 56% at Rs294 crore

Mukesh Ambani group’s financial services company Jio Financial Services has reported a net profit of Rs294 crore for fiscal third quarter (October-December 2023), down 56 per cent from Rs668.18 crore in the previous quarter.

The company's consolidated revenue from operations in the reporting quarter fell nearly 32 per cent from the previous quarter to Rs413.61 crore.

Total expenses for Q3FY24 stood at Rs98.95 crore against Rs71.43 crore in the quarter ended 30 September 2023. Total tax outgo increased to Rs88 crore from Rs86.3 crore in the preceding quarter.

Jio Financial’s interest income during the October-December 2023-24 quarter was higher at Rs269 crore compared to Rs186 crore in the previous quarter.

For the nine months ended December, the company reported a profit of Rs1,294 crore and a revenue of Rs1,436 crore.

Jio Financial Services' board also approved the appointment of Sudheer Reddy Govula as group chief compliance officer of the company for four years, starting 15 January 2024.

This is the first full year of operation of Jio Financial Services as an independent entity after its demerger from Reliance Strategic Investments last year.