Jio Financial Q1 FY25 results: Profit slips 6% to Rs 312.63 crore YoY; revenue at Rs 418 crore

Jio Financial Services Ltd on Monday posted a 5.81 per cent dip in its year-on-year (YoY) consolidated profit, at Rs 312.63 crore, during the first quarter of the ongoing financial year 2024-25 (Q1 FY25). Profit was at Rs 331.92 crore in the year-ago period (Q1 FY24).

The company's revenue from operations, however, rose 0.89 per cent to Rs 417.82 crore in Q1 FY25 from Rs 414.13 crore in the corresponding period last year.

Jio Financial also announced that it has commenced leasing AirFiber devices in June 2024.

Separately, Jio Financial highlighted that it has received nod from Reserve Bank of India (RBI) to convert from non-banking financial company (NBFC) to core investment company.

The quarterly earnings came post-market hours today. Earlier in the day, Jio Financial settled 1.40 per cent higher at Rs 355.25. At this price, the stock has shed 2.16 per cent in the past one month.

Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "The stock has seen a decent correction from its lifetime high of Rs 395. The broader structure remains buoyant as it recouped some of its lost grounds. The Rs 335 zone is likely to cushion any blip, while a further correction could attract fresh shorts in the counter towards the 310-300 range on an immediate basis. On the higher end, Rs 370 is likely to act as a resistance, and a decisive breakthrough could only bring the mojo back to the counter."

Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said, "The stock can hit an upside target of Rs 380 in the near term. Keep stop loss placed at Rs 345."

The scrip saw heavy trading volume on BSE today as around 18.81 lakh shares changed hands. The figure was higher than the two-week average volume of 14.87 lakh shares. Turnover on the counter came at Rs 66.55 crore, commanding a market capitalisation (m-cap) of Rs 2,25,700.42 crore.