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Jio Financial Services on Monday reported a 56% decline in consolidated net profit at Rs 294 crore for the third quarter ended December 2023, compared to the previous quarter.

The company had earned a consolidated net profit of Rs 668 crore in the second quarter of the current fiscal, Jio Financial Services said in a regulatory filing.

Its revenue too moderated to Rs 414 crore, from Rs 608 crore in the September quarter.

For the nine months ended December, the company’s net profit stood at Rs 1,294 crore, the filing said.

The total expenses increased sequentially to Rs 98.95 crore, against Rs 71.43 crore in the previous quarter.

Jio Financial Services, carved out from Reliance Industries Limited, is engaged in the business of investing and financing, insurance broking, payment bank and payment aggregator and payment gateway services.

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Jio Financial Services seeks RBI nod to convert from NBFC to core investment company

The company and BlackRock have agreed to form a joint venture to enter into the asset management industry.

Accordingly, the JV company made an application to the Securities and Exchange Board of India (SEBI) on October 19, 2023, to start a mutual fund business.

The company also has plans to enter the insurance segment.

With regard to new products, it said, loans against property and home loans are in the pipeline.

It also plans to launch a leasing business and supply chain financing.

The company has approved the appointment of Rupali Adhikari Sawant as Group Head of Internal Audit and Sudheer Reddy Govula as Group Chief Compliance Officer.