By- Sandeep Bishnoi | 19 Oct, 2024 | Category: News
Jio Financial Services, led by Mukesh Ambani, reports a 100% increase in net profit for Q2 FY25. Revenue hits ₹693.50 crore, while new product launches drive growth.
Jio Financial Services Q2 Results FY25: Key Points
- Net profit doubles: Jio Financial Services saw its Q2 FY25 net profit double to ₹689 crore, compared to ₹312.63 crore in Q1 FY25.
- Revenue growth: The company’s revenue from operations increased to ₹693.50 crore, up from ₹417.82 crore in Q1 FY25.
- Net worth: Jio Financial Services’ net worth stands at ₹1,37,144 crore as of September 30, 2024.
- New product launches: Several products were launched, including loans, insurance, and debit cards, driving further expansion.
Jio Financial Services Q2 FY25 Results: Profit Soars, Revenue Boosts
Jio Financial Services, the non-banking financial company (NBFC) led by billionaire Mukesh Ambani, has revealed stellar results for the second quarter of FY25. In the July-September 2024 period, the company reported a 100% increase in net profit, showcasing impressive growth and market traction.
The company’s net profit surged to ₹689 crore, up from ₹312.63 crore in the April-June quarter of 2024. Compared to the same quarter last year, the year-on-year (YoY) increase is more marginal, with Q2 FY24 reporting a net profit of ₹668.18 crore.
Revenue Boom: A Strong Q2 Performance
Jio Financial Services saw its revenue from operations rise significantly. In the second quarter of FY25, revenue climbed to ₹693.50 crore, marking a considerable increase from ₹417.82 crore in Q1 FY25. This growth reflects the company’s ability to capture more market share and drive financial results.
The company’s revenue for the same period in the previous year was ₹608.04 crore, demonstrating consistent year-over-year growth.
Financial Strength: Net Worth & Liabilities
As of September 30, 2024, Jio Financial Services’ net worth was reported at ₹1,37,144 crore. Total liabilities also saw an increase, growing to ₹7078.39 crore, up from ₹5715.33 crore in the previous quarter.
New Product Launches: Expanding Services
Jio Financial Services continues to innovate by introducing new financial products. In the second quarter of FY25, the company launched a range of new offerings:
- July 2024: Loan on Mutual Funds, Home Loan, Corporate Lending, Auto Insurance, and Two-Wheeler Insurance.
- August 2024: Home Loan Balance Transfers, Health Insurance, Salary Accounts, and Physical Debit Cards.
- September 2024: Loan Against Property (LAP), Loan on Securities, and Life Insurance (Term).
These launches highlight the company’s commitment to broadening its financial services portfolio and meeting diverse consumer needs.
Jio Financial’s Rise: The Market’s Reaction
Jio Financial Services has been riding a wave of momentum since its demerger from Reliance Industries and subsequent listing on the stock exchange in August 2023. The company’s current market capitalization stands at ₹2,10,007.81 crore, making it a significant player in India’s financial landscape.
Looking Ahead: A Promising Future for Jio Financial Services
With robust growth in both profits and revenue, Jio Financial Services is well-positioned to continue its upward trajectory. The company’s innovative product launches and solid financial foundation give it an edge in the competitive NBFC sector.
As Mukesh Ambani continues to steer the ship, Jio Financial Services looks set for further expansion and success in the coming quarters.
Conclusion
Jio Financial Services has delivered an outstanding performance in Q2 FY25, with a doubling of net profits and strong revenue growth. The company’s continued introduction of new products and services ensures it remains at the forefront of India’s financial services sector. Investors and analysts alike are optimistic about the company’s future growth potential, driven by its innovative offerings and strong market position.
