MUMBAI - Jio Financial Services Ltd has reported a remarkable surge in its net profit for the third quarter of the fiscal year 2023, contrary to previous reports. The company's net earnings leapt to Rs 70.48 crore, marking an eightfold increase from the previous quarter. This significant boost was accompanied by a substantial rise in revenues, which skyrocketed by 283.52% to Rs 134.08 crore.
Despite earlier reports indicating a decline, Jio Financial Services' performance over the past nine months remains robust, with net earnings totaling Rs 1,294 crore. These results have been supported by the company's diversified services, which include insurance broking, payment banking, payment aggregation, and payment gateway offerings.
The considerable growth was primarily fueled by its consumer-facing subsidiaries and joint venture operations. In a strategic move to expand its financial offerings further, Jio Financial Services has ventured into the mutual fund space through a collaboration with BlackRock (NYSE:BLK). The company formally applied to the Securities and Exchange Board of India (SEBI) for approval of this initiative on October 19, 2023.
In sync with the company's improved financial performance, the company's stock price experienced an uptick, closing at Rs 266.80 on the Bombay Stock Exchange (BSE), which translates to a 4.55% increase today.
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