MCA Approves Appointment of Hitesh Sethia as MD & CEO of Jio Financial Services

On Monday, Jio Financial Services announced that the Ministry of Corporate Affairs has given its approval for Hitesh Kumar Sethia to serve as the managing director and chief executive officer of the company.

The appointment, effective from November 15, 2023, will be valid for three years, as stated in a regulatory filing by Jio Financial Services. The company received the approval letter on April 24, 2024.

In its recent quarterly report, Jio Financial Services disclosed a 5.8% increase in consolidated net profit to Rs 311 crore in the fourth quarter of FY24, compared to Rs 294 crore in the same quarter of FY23.

The entity’s total income, which includes lending, insurance broking, and asset management businesses, also rose to Rs 418 crore in Q4FY24 from Rs 414 crore in Q4FY23. During the post-results earnings call, Charanjit Attra, the chief operating officer, stated that this was the company’s first annual report as a listed entity.

On BSE, the company’s stock closed 2.17% lower at Rs 370 per share. Attra further reported that for FY24, the consolidated net profit increased to Rs 1,605 crore from Rs 31 crore in FY23, mainly due to a rise in income and the share of net profit from associates. The total consolidated income also grew to Rs 1,855 crore in FY24 from Rs 44 crore in FY23.

Disclaimer: This information is covered based on the latest research and development available. However, it may not fully reflect all current aspects of the subject matter.

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