Jio Financial Services Q3 net profit flat at ₹295 crore

The company had earned a consolidated net profit of ₹294 crore in the same quarter of the previous fiscal, Jio Financial Services said in a regulatory filing.

However, the consolidated net profit of the company stood at ₹689 crore in the second quarter of the current fiscal.

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

For the nine months ended December, the company’s net profit also improved marginally to ₹1,296 crore as against ₹1,294 crore in the same period a year ago.

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Jio Financial Services, carved out from Reliance Industries Ltd, is engaged in the business of investing and financing, insurance broking, payment bank and payment aggregator and payment gateway services.

The company and BlackRock have agreed to form a joint venture to enter into the asset management industry and filed for final approval.

The JV company made an application to the Securities and Exchange Board of India on October 19, 2023, for starting a mutual fund business.

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Jio Payment Solutions received Online Payment Aggregator license, the company said.

The company also said it has incorporated Jio BlackRock Investment Advisers Private Ltd to offer wealth management services in September 2024 and recruitment of senior leadership team of the wealth management company is in progress.