Jio Financial Services Q2 Results: Net profit doubles to Rs 668 crore

Reliance Industries‘ financial services arm Jio Financial Services said its profit doubled to Rs 668 crore in the quarter ended September 2023 from Rs 332 crore in June 2023, its first on record post listing. Profit rose largely due to dividend income from its shareholdings even as operations remained subdued.

The company which was listed in August rode on a Rs 217 crore of dividend income during the quarter which increased total income by 47% to Rs 608 crore from Rs 414 crore in the quarter ended June 2023. Expenses increased 31% to Rs 71 crore from Rs 54 crore a year ago largely due to a one and a half times increase in employee expenses to Rs 31 crore from Rs 12 crore in June.

Separately the company announced that it has appointed former ICICI executive A R Ganesh as chief technology officer. Ganesh has been appointed as a senior management personnel effective from October 16.

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