Sharp fall in profit, income of Jio Financial Services in Q3, 45% jump in income from interests

The net profit of Jio Financial Services, the non-banking arm of Reliance Group, the oil-to-retail Indian conglomerate, plunged to Rs.293.82 crore in the third quarter ended December 31, of the current fiscal ( 2023-24) from Rs.668.18 crore in the previous quarter. The total revenue of the company, which was bifurcated from its parent company Reliance Industries Ltd and made an independent entity in 2022, also suffered a decline to Rs.414.33 crore in the quarter under review from Rs.608.04 crore in the second quarter.,

However, during the period, the company registered nearly a 45 percent jump in income from interest at Rs 269.08 crore, from 186.06 crore in the second quarter of the current financial year, the company said in its second quarterly earnings after listing on bourses in August 2023.