Jio Financial Services Ltd.'s profit rose 101.3% in the quarter ended September.
The company's net profit rose to Rs 668.18 crore as of Sept. 30 as against Rs 331.92 crore in the previous quarter, according to an exchange filing on Monday.
The growth was largely supported by Rs 216.85 crore worth dividend income. Additionally, Rs 154 crore worth dividend income came through associates. Interest income for the company fell by nearly 8% quarter-on-quarter.
The total income of the private lender stood at Rs 608.04 crore as of Sept. 30.
Share of profit of joint venture and associates rose above 3.25 times over the previous quarter to Rs 217.82 crore versus Rs 66.98 crore as on June 30.
Total expenses increased sequentially by 32.7% to Rs 71.43 crore versus Rs 53.81 crore in the previous quarter. Employee expenses rose to Rs 31.16 crore, compared to Rs 11.68 crore in the June quarter.
Total consolidated assets rose by 4.1% to Rs 1.19 lakh crore as against 1.14 lakh crore in FY23.
Consolidated net worth also rose by 1.3% to Rs 1.15 lakh crore versus Rs 1.14 lakh crore over the same period.
Standalone net worth stands at Rs 24,288 crore as on Sept. 30.
The board of directors also approved the appointment of AR Ganesh as group chief technology officer, forming part of the senior management personnel, with effect from Oct. 16.
Reliance Industries Ltd. spun off its financial services business into Jio Financial Services. While the company is yet to officially start operations, it got valued at over $19 billion in August, primarily based on its future potential.
Following the demerger, shareholders received five shares of Jio Financial Services for every single one held in Reliance Industries.
RIL Chairman Mukesh Ambani had announced that Jio Financial Services would offer life, general and health insurance. And it will also foray into digital payments and retail lending, besides offering asset management services in partnership with BlackRock.
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