Jio Financial Services Q4 Results 2024

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Synopsis:

 In FY24, Jio Financial Services has witnessed an increase in profit for Q4 FY24, and this result comes after the financial giant has forged a collaboration with the US-based investment icon BlackRock to launch broking businesses and wealth management services in India. Jio Financial Services of JFS as it is referred to, posted an overall Net Profit standing at INR 1,605 Crore for FY 23-24, on an Operating Revenue of INR 1,855 Crore.

1. Annual Highlights:

  • The Company reported a multi-fold Net Profit jump on an annual basis.

  • The Company’s expenses have also seen a rise, mainly in Q3 of FY 23-24, but this is a marginal rise. 

  • Reported a Profit After Tax (PAT) of 1,605 Crore.

Explore: Jio Financial Services Share Price

2. Focus on Diverse Customer Requirements

  • The Company has largely concentrated its operations based on its diverse customer needs.

  • The customer needs of the Company stress the categories of Lending & Leasing, Payments, Protection, and Investment.

  • In terms of the Lending segment, the Company has addressed the working capital requirements of suppliers. Going forward, the Company has plans to launch different products to fulfil these needs, and these include Home Loans, Loans Against Property, and more. 

  • In terms of Leasing, the Company works on the system of DaaS which is an advanced service model to cater to customer devices. 

  • JFS has launched its first Debit Card in its Payment Segment of services.

  • Concerning its Protection Segment, the Company has established collaborations with insurance companies (29 tie-ups).

  • In the area of its Investment Segment, JFS is in the process of hiring top-level staff for its new AMC. 

3. Major Strengths

  • The Company’s main differentiator for growth is technology, enabled by artificial intelligence, bolt-on features, and alternate data.

  • The Company has adopted efficient strategies to mitigate risk, has undertaken Credit underwriting, and has Collections in place, leading to lower credit costs. 

  • The Company has a robust brand presence on the back of reliability. 

  • With end-to-end digital solutions in position, the Company is prepped to be a leader in the Financial sector. 

Additional Read: Quarterly Results

4. Quarterly Financial Performance:

  • Quarterly Total Income was at INR 418 Crore for Q4 FY' 23-24, a marginal rise compared to Q3, when it stood at INR 414 Crore.

  • PAT for Q4 was at INR 311, and for Q3 FY' 23-24, this was at 294 Crore. 

5. Yearly Financials:

  • Annual Total Income stood at INR 1,855 Crore for FY 23-24, a significant jump from FY 22-23 when Total Income was at just 44 Crore. This is an unprecedented jump of almost 42 times more. 

  • JFS’ increase in Total Income can be largely attributed to an increase in the share of its affiliates and associates, as well as lower tax expenses and profitable joint ventures. 

Additional Read: Annual Results

Financial Performance - Profit & Loss (Consolidated)

Particulars (Rs. in Crore)

Q3 24

Q4 24

FY 23

FY 24

Total Income

414

418

44

1,855

Total Expenses

99

101

6

325

Profit Before Tax

381

393

48

1,956

Profit After Tax

294

311

31

1,605



About the Company 

Originally established as Reliance Strategic Investments Private Limited in 1999, Jio Financial Services Limited was born in its current moniker in July 2023. The Company is defined as a systematically relevant Non-Banking Financial Company and is registered as such with the Reserve Bank of India. The Company aims to be, predominantly, a holding company, delivering several financial services through its subsidiaries and partners. Some key financial subsidiaries of the Company include Jio Finance Limited, Jio Payment Solutions Limited, Jio Insurance Broking Limited, and more. With an ambitious and dedicated goal of providing financial services with a digital edge to all Indians, Jio Finance Limited is forging important collaborations with large corporations, both globally and domestically to drive growth.  

Results for the Fourth Quarter and Full Year Ended March 31, 2024

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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Source - https://www.hzlindia.com/wp-content/uploads/Earnings-Press-Release_Q4FY24-_-190424.pdf

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