Jio Financial shares fall 6% following 3rd quarter earnings report

Shares of Jio Financial Services Ltd on Tuesday fell by over 6 per cent after the company reported 56 per cent decline in consolidated net profit at Rs 294 crore for the third quarter ended December 2023, compared to the previous quarter.

The stock declined 6.25 per cent to Rs 250.10 on the BSE. At the NSE, it fell 5.67 per cent to Rs 251.60.

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 on Monday.

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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.

Total expenses increased to Rs 98.95 crore from Rs 71.43 crore in the previous quarter.

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