Jio Financial Services Ltd (JFSL), a subsidiary of Reliance Industries, announced a modest 3 per cent rise in net profit for the second quarter of FY25, totaling Rs 689 crore for the period ended 30 September 2024. This marks a slight improvement over the previous year, driven by a significant increase in revenue.
The company reported a 14 per cent revenue increase, reaching Rs 693.5 crore compared to Rs 608 crore in the same quarter last year. Following the announcement, JFSL shares closed trading marginally higher at Rs 329.6 apiece on the Bombay Stock Exchange (BSE).
In a strategic move, JFSL has partnered with BlackRock, the world’s largest asset manager, to set up asset management and broking businesses in India. This collaboration follows the company’s demerger from Reliance Industries in July 2023, during which JFSL formed a 50:50 joint venture with BlackRock to launch its asset management services.
Recently, the joint venture received approval from the Securities and Exchange Board of India ( SEBI ) to act as co-sponsors and establish a mutual fund business in the country, signaling JFSL’s commitment to expanding its footprint in the Indian financial services market.
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