Mukesh Ambani, Reliance Industries chairman, has expanded his business in various fields. To grow in the finance sector, Jio Financial Services (JFS) was carved out from Reliance Industries Ltd last year. The company has now a market cap of Rs 2.10 lakh crore. On Friday, it reported a marginal 3 per cent rise net profit to Rs 689 crore in the second quarter ended September 2024.
The company had earned a consolidated net profit of Rs 668 crore in the same quarter a year ago. JFS is engaged in the business of investing and financing, insurance broking, payment bank and payment aggregator and payment gateway services.
In a regulatory filing, it said that the total income increased to Rs 694 crore as against Rs 608 crore in the same quarter a year ago. However, total expenses doubled to Rs 146 crore as against Rs 71 crore in the same period in the previous year.
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JFS pursuant to the application made to the RBI seeking registration as a Core Investment Company (CIC), has received the necessary approval and certificate of registration on July 9, 2024, from the RBI and thereby it has become a Non-Deposit taking Systemically Important Core Investment Company (CIC-ND-SI) with effect from that date, it said.
Its subsidiary Jio Finance Ltd launched a home loan product and loan against mutual funds in July. JFS and BlackRock Inc had agreed to form a joint venture for asset management company. The company launched Loan against Property (LAP), Loan on Securities and life insurance (Term) product in September. Earlier this month, the company launched a new version of JioFinance app with improved features.
(With inputs from PTI)
