JFS Q4 results: Jio Financial Services shares surge 6% ahead of March quarter earnings

JFS Q4 results: Jio Financial Services shares surge 6% ahead of March quarter earnings

Shares of Jio Financial Services Ltd (Ltd) were trading 6 per cent higher in Thursday’s trade ahead of the company’s March quarter (Q4) earnings on Friday, April 19. The Q4 results would be followed by a presentation to analysts on financial results for the quarter and year ended March 31, 2024.

Jio Financial Services shares climbed 6.21 per cent to hit a high of Rs 384.35 on Thursday. The JFS stock has soared 63 per cent in 2024 so far.

For the December quarter, the NBFC reported a net profit of Rs 294 crore compared with Rs 668 crore in the September quarter. Jio Financial said its total income for the December quarter came in at Rs 414 crore against Rs 608 crore in the September quarter. Unlike September quarter, there was no dividend income in the third quarter.

“A meeting of the Board of Directors of the company is scheduled to be held on Friday, April 19, 2024, inter alia, to consider and approve the standalone and consolidated audited financial results of the company for the quarter and year ended March 31, 2024.

A presentation to analysts on financial results of the company for the quarter and year ended March 31, 2024 shall be made on the same day after the meeting,” Jio Financial said on April 9.

The demerged entity of Reliance Industries Ltd recently signed an agreement to form a 50:50 joint venture with Blackrock, to undertake wealth business including incorporation of a wealth management company and subsequent incorporation of a brokerage company in India.

“This joint venture further strengthens the Company’s relationship with Blackrock, Inc., with whom the Company had announced a 50:50 joint venture on July 26, 2023 to transform India’s asset management industry through a digital-first offering and democratise access to investment solutions for investors in India,” it said.

JFS noted that the launch of the wealth management and broking business is subject to regulatory and statutory approvals.

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