Jio Financial Services Posts Profitable March Quarter, Eyes Growth in Broking and Wealth Management

Jio Financial Services Ltd reported a 1.8% rise in net profit for March, at Rs 316.11 crore, compared to the previous year's same quarter. With total income up by 24%, they aim to expand into broking and wealth management, with applications filed for regulatory approvals.

Jio Financial Services Ltd announced a 1.8% increase in its consolidated net profit for the March quarter, reaching Rs 316.11 crore. This uptick comes in comparison to Rs 310.63 crore in the corresponding quarter of the previous fiscal year.

The financial income for this quarter also saw a significant rise, growing 24% year-on-year to Rs 518 crore. Despite a rise in total expenses to Rs 168 crore, the company remains optimistic about financial health, as the yearly profit slightly increased to Rs 1,612.59 crore.

Strategic movements include the establishment of Jio BlackRock Investment Advisers to offer wealth management services and filing with Sebi for necessary licenses. Stocks responded positively, ending at Rs 246.45 on the BSE, marking a 1.73% increase.

(With inputs from agencies.)