Mukesh Ambani gets Diwali gift as Jio Financial earns huge profit of Rs…., profit rises by…
Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries has made significant investments across various sectors.
New Delhi: As the festive season of Diwali approaches, Mukesh Ambani celebrates a remarkable achievement as Jio Financial Services (JFS) reported a substantial profit in its latest financial results. Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries has made significant investments across various sectors indeed be it retail, telecommunications, petrochemicals and refining, and technology. Ambani’s diversified investment strategy has played an important role in Reliance Industries’ growth, making it one of the most valuable companies in India and a significant player on the global stage.
To expand its presence in the finance sector, Jio Financial Services (JFS) was spun off from Reliance Industries Ltd in 2022. The company has achieved a market capitalization of Rs 2.10 lakh crore. In its latest financial report, JFS announced a modest marginal 3 peer cent rise net profit to Rs 689 crore in the second quarter ended September 2024.
The company reported a consolidated net profit of Rs 668 crore in the same quarter last year. Jio Financial Services also noted that total income rose to Rs 694 crore, compared to Rs 608 crore during the same period a year earlier, as stated in a regulatory filing.
However, total expenses surged to Rs 146 crore, compared to Rs 71 crore in the same period last year. Jio Financial Services Ltd. announced that it received the necessary approval and certificate of registration from the Reserve Bank of India (RBI) on July 9, 2024, following its application to register as a Core Investment Company (CIC). As a result, it has become a Non-Deposit taking Systemically Important Core Investment Company (CIC-ND-SI) effective from that date.
Its subsidiary, Jio Finance Ltd, launched a home loan product and a loan against mutual funds in July. Additionally, JFS and BlackRock Inc. agreed to establish a joint venture for an asset management company. In September, the company introduced several new financial products, including Loan against Property (LAP), Loan on Securities, and a life insurance (Term) product. Earlier this month, JFS also released an updated version of the JioFinance app, featuring enhanced functionalities.
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