Non-banking firm of Reliance Industries, Jio Financial Services released its financial statements for the first quarter of the current fiscal year on Monday, which indicates that its net profits have dropped by 6% from Rs 332 crore in Q1 FY24 to Rs 313 crore in Q1 FY25 because of decreased interest income and increased operating expenses.
While the income from interest was Rs 202 crore in June 2023, it came down to Rs 162 crore in June 2024 indicating a drop of 20%, the expenditure went up by 46.30% from Rs 54 crore to Rs 79 crore in the same period primarily because of employee cost that showed growth by 3 times from Rs 9.75 crore to Rs 39 crore in Q1 FY25. Its operational revenue was noted at Rs 417 crore as compared to Rs 414 crore in Q1 FY24, showing a growth of 0.7%.
Jio Financial updated its investors with the information of the loan it has launched against mutual funds, auto & two-wheeler digital insurance in July 2024.
Jio Financial’s Jio Finance app was launched as a beta version in May this year and has received almost 5 lakh downloads as of mid-July. In Q1 FY25 the firm also launched the business of leasing AirFiber devices. The beta version of its home loans was also launched in July with further plans to launch loans against property and loans against securities. JFS received RBI’s approval in the same period to function as a core investment company.
In a joint venture with its GIFT city based group company Reliance Strategic Business Ventures Ltd, the fintech firm flagged off its ship leasing business with its maiden leasing coming under Reliance International Leasing IFSC Limited.
