Jio Financial Services Ltd, in its first earnings report since being carved out from Reliance Industries Ltd, on Monday reported a doubling of net profit in the second quarter from the previous three-month period.
The consolidated net profit in three months ended September 30 rose to Rs 668.18 crore as compared to Rs 331.92 crore in the preceding quarter, the firm said in a stock exchange filing.
The company’s revenue rose 47% to Rs 608.04 crore as against Rs 414.13 crore in the June quarter. This was partly helped by a dividend income of Rs 216.85 crore.
Total costs came in at Rs 71.43 crore.
The firm, which had previously stated that it intends to be a “full-service financial services” company, has not yet spelt out detailed plans. It has already announced plans to launch an asset management company.
JFS also has plans to enter the insurance segment.
Further, JFS said it has appointed AR Ganesh as Group Technology Officer. Ganesh previously was ICICI Bank’s Chief Information Security Officer (CISO) having overall oversight of cybersecurity.
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