Jio Financial Share Price climbs 4 pc; Hit 52-Week High Level Post Q4 Earnings
Photo : PTI
Jio Financial Services Ltd experienced a notable uptick in its stock performance on Monday, with shares surging by 4 percent to reach their 52-week high. This surge followed the company’s announcement of a 6 percent rise in consolidated net profit for the fourth quarter ending March 2024. On the BSE, the stock rose to Rs 385, marking its peak for the year. Similarly, on the NSE, the company’s shares climbed by 3.98 percent, hitting Rs 384.85, also reaching its 52-week high.
In its financial report released on Friday, Jio Financial Services Ltd revealed a consolidated net profit of Rs 311 crore for the fourth quarter, reflecting a 6 percent increase, attributed to enhanced income streams. Notably, this financial entity, having demerged from Reliance Industries Ltd, had recorded a profit of Rs 294 crore in the preceding December quarter. On an annual basis, the company witnessed a substantial surge in its consolidated net profit to Rs 1,605 crore for FY24, a significant leap from Rs 31 crore in the previous fiscal year, as stated in its regulatory filing.
While revenue saw a marginal improvement to Rs 418 crore from Rs 414 crore in the December quarter, expenses also experienced a slight uptick, reaching Rs 103 crore compared to Rs 99 crore in the third quarter. Jio Financial Services operates across various sectors, including investing and financing, insurance broking, payment bank and aggregator services, as well as payment gateway services.
(PTI Inputs)
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