Jio Financial Services Ltd (JFS), the demerged entity of Reliance Industries Ltd (RIL), is set to announce its June quarter results on Monday. The NBFC had notified stock exchanges on July 10 about the board meeting scheduled for July 15 to consider and approve the unaudited financial results for the quarter ending June 30.
JFS, whose shares have surged 49% in 2024 so far, recently received approval from the Reserve Bank of India (RBI) to convert into a core investment company (CIC). JFS serves as a holding company, operating a range of financial services businesses through its subsidiaries. In fiscal 2024, JFS was demerged from Reliance Industries Ltd and listed as a separate entity.
As of March 31, 2024, JFS reported a net worth of Rs 1,39,148 crore on a consolidated basis, which includes the valuation of its 6.1% stake in RIL.
The promoter group increased its stake in JFSL from 45.8% to 47.12% post-listing, indicating a long-term commitment to the JFS group, according to rating agencies. They believe the promoter group is unlikely to significantly dilute its stake in JFSL in the near term.
For the March quarter, JFS reported a net profit of Rs 310 crore and net interest income (NII) of Rs 280 crore. Total income and revenue for the quarter stood at Rs 418 crore.
JFS, through its subsidiaries, associates, and joint ventures, plans to engage in lending, leasing, insurance broking, payment banking, payment solutions, asset management, and stock broking businesses, according to CARE Ratings.
Care Ratings recently assigned a CARE AAA with a stable rating to JFS’s Rs 4,000 crore long-term bank facilities and a Care A1+ rating to its short-term bank facilities. It also assigned a CARE AAA with a stable rating to Jio Finance’s Rs 3,000 crore non-convertible debentures (NCDs) and a Care A1+ rating to its commercial papers.
The rating agency expects JFS to maintain a stable business profile with timely support from JFSL, given the strategic importance, shared brand name, and management control.
, the demerged entity of Reliance Industries Ltd (RIL), is set to announce its June quarter results on Monday. The NBFC had notified stock exchanges on July 10 about the board meeting scheduled for July 15 to consider and approve the unaudited financial results for the quarter ending June 30.){kind=link}