Jio Financial Services shares: In the latest quarter, after a business update, Jio Financial Services is focusing on increasing its profits. Jio Financial Services stated that it will enhance its financial services by adopting a digital-first approach and modernization. In its presentation, it is offering personal loans to salaried and self-employed individuals with the launch of an end-to-end digital journey in the MyJio app in Mumbai.
JFS (Jio Financial Services) mentioned in the presentation that they have some products in their loan pipeline for self-employed individuals, sole proprietors, and small businesses, which include business loans, auto loans, home loans, and loans against shares.
Reliance Industries Limited, in a separate business venture, has announced its intention to double its consolidated profit for the September quarter after declaring strong results and unveiling new ventures. Jio Financial Services Limited’s shares will be in the spotlight on Tuesday morning. Jio Financial Services stated that its profit has increased by 101% sequentially, reaching 668 crore rupees, compared to 371 crore rupees in the same quarter last year. Interest income decreased by 7.86% to 186 crore rupees, but total income increased by 46.82% to 608 crore rupees, compared to 414 crore rupees in the same quarter last year, aided by other income. Pre-provision operating profit for the quarter increased by 48.93% to 537 crore rupees, up from 360 crore rupees in the previous quarter.
Central Broking noted in a flash note that Jio Financial Services (JFS) has strong brand equity, an experienced board and management team, a strong capital base, and access to a large customer base and in-house stores. The company has a net worth of 20,857 crore rupees. To reach the targeted net worth, brokerage reduced the price of equity and preference share investments in associate companies.
Central Booking stated, “Our calculation shows that, after a 20% stake in RIL, JFSL is trading at a P/BV of 3.1x.”
Jio Financial Services stated that it will enhance its financial services by adopting a digital-first approach. In its presentation, Jio Financial Services mentioned that it is offering personal loans to salaried and self-employed individuals with the launch of a digital journey from start to finish in the MyJio app in Mumbai.
JFS noted that they have introduced durable consumer loans in 300 stores across India. In its presentation, JFS mentioned that it has some products in its loan pipeline for self-employed individuals, sole proprietors, and small businesses, which include business loans, auto loans, home loans, and loans against shares.
Jio Financial Services stated that it has established partnerships with 24 insurance companies, including five life insurance companies, 15 general insurance companies, and four health insurance companies. Jio Financial Services offers a wide range of products, including life, general, and health insurance, auto insurance, corporate solutions, and employer-employee benefits, as well as embedded insurance.
Jio Financial Services stated that its consolidated total assets were 1,19,598 crore rupees as of September 30. It mentioned that its consolidated net assets at the end of the September quarter were 1,15,631 crore rupees, compared to 1,14,120 crore rupees on March 31.