Jio Financial Services Ltd on January 15 reported a 56% quarter-on-quarter decline in consolidated net profit to Rs 294 crore for the third quarter ended December 2023.
Jio Financial Services said in a regulatory filing that the company made a consolidated net profit of Rs 668 crore in the second quarter of the current fiscal.
Its revenue too declined to Rs 414 million from Rs 680.4 million in the September quarter.
For the nine months ended December, the company had a net profit of Rs 1,294 crore, according to filings.
Total expenses increased quarter-on-quarter to Rs 9,895 crore from Rs 7,143 crore in the previous quarter.
Jio Financial Services is an independent entity of Reliance Industries Ltd. and is engaged in the business of investment and lending, insurance intermediation, payments bank, payment aggregator and payment gateway services.
The company and BlackRock have agreed to form a joint venture to enter the asset management industry.
Accordingly, the joint venture filed an application with the Securities and Exchange Board of India on October 19, 2023 to start mutual fund business.
The company also plans to enter the insurance field.
The company's stock price closed at ₹266.80 per unit, up 4.55% on BSE.