Jio’s financial profit fell 56% to Rs 294 crore in December quarter. india business news
Mumbai: Jio Financial Services has given a consolidated report Net Profit Rs 294 crore for december quarter – 56% less than Rs 668 crore in the previous quarter.
The decline in net profit was mainly due to Income Rs 217 crore from dividend income in the last quarter, higher profit from fair value changes and lower expenses. There is no year-on-year comparison as JFS was spun off from Reliance Industries last year.
On a standalone basis, net profit in the December quarter stood at Rs 70.4 crore, compared with Rs 88.7 crore in the previous quarter.
In a separate notice, the company said that RBI has approved the appointment of Hitesh Kumar Sethia as director, and he has been appointed MD and CEO with effect from November 2023. Since Sethia is a German passport holder, the company has applied to the central government. Approval.
The company launched its insurance broking business in the quarter, partnering with 27 insurance companies in both general and life segments. It has introduced embedded and extended warranty covers in the form of sachet insurance.
The decline in net profit was mainly due to Income Rs 217 crore from dividend income in the last quarter, higher profit from fair value changes and lower expenses. There is no year-on-year comparison as JFS was spun off from Reliance Industries last year.
On a standalone basis, net profit in the December quarter stood at Rs 70.4 crore, compared with Rs 88.7 crore in the previous quarter.
In a separate notice, the company said that RBI has approved the appointment of Hitesh Kumar Sethia as director, and he has been appointed MD and CEO with effect from November 2023. Since Sethia is a German passport holder, the company has applied to the central government. Approval.
The company launched its insurance broking business in the quarter, partnering with 27 insurance companies in both general and life segments. It has introduced embedded and extended warranty covers in the form of sachet insurance.
