Jio Financial Q2 results: Net profit doubles to Rs 668 cr QoQ

Jio Financial Services Ltd (JFS) on Monday said its second-quarter profit doubled to Rs 668 crore from the previous quarter in its first results report after being carved out from Mukesh Ambani-led Reliance Industries and listed on stock exchanges.

Consolidated profit after tax for the three months ended September 30 rose to Rs 668 crore from Rs 332 crore in the April-June quarter, JFS said in a regulatory filing.

Total revenue from operations rose about 48% on a sequential basis to Rs 608 crore, helped partly by dividend income of Rs 217 crore.

Jio Financial Services appointed AR Ganesh as Group CTO.

"A R Ganesh has been associated with ICICI Bank for the last 13 years. In his last role, he was the Chief Information Security Officer (CISO) having overall oversight on cybersecurity. Prior to being designated as CISO, he was heading Treasury and Corporate Centre Technology. His exposure in domain is spread across Cybersecurity, Enterprise IT, Service Delivery and Banking Software product management," said Jio Financial Services in a stock exchange filing.

While not much is known about Ambani's plans for JFS, it is intended to be a "full-service financial services" company and has already announced plans to launch an asset management company. Ambani has also said JFS will enter the insurance segment.

Despite strong growth, penetration of financial investment products in India is low relative to the size of the economy.

In an increasingly competitive environment, rival non-bank lender Bajaj Finance has revealed plans to raise up to Rs 10,000 crore, while Tata Capital and Aditya Birla Capital are also rushing to raise fresh funds.

JFS, which has tied up with US asset manager BlackRock to launch asset management services in India, listed in August at a sharp discount to the company's expectations. The stock is down about 14%, as of Monday's close.

With inputs from Reuters