Jio Financial Services Maintains Steady Profit Amid Strategic Expansions

Jio Financial Services Ltd reported a flat consolidated profit of Rs 295 crore for Q3 2024, slightly up from Rs 294 crore the previous year. The company has formed a joint venture with BlackRock to enter the asset management industry, applying for mutual fund business approval.

Jio Financial Services Ltd reported a stable consolidated profit of Rs 295 crore in Q3 2024, maintaining its previous year's profit of Rs 294 crore, as disclosed in the company's regulatory filing.

While the company's income rose to Rs 449 crore, its expenses also increased year-on-year to Rs 131 crore. Notably, its Q2 profit was significantly higher at Rs 689 crore.

Amid these financial outcomes, Jio Financial and BlackRock are progressing towards a joint venture for asset management, having applied to SEBI for mutual fund business approval. Further, Jio has launched Jio BlackRock Investment Advisers for wealth management services.

(With inputs from agencies.)