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Total income fell 31.86% to Rs 414.33 crore from Rs 608.04 crore posted in the previous quarter same fiscal.
Profit before tax stood at Rs 754.43 crore, up 76.56% as compared with Rs 427.30 crore posted in Q2 FY24.
During the quarter, total expenses slipped 55.86% to Rs 98.95 crore in Q3 FY24 as compared with Rs 71.43 crore in Q2 FY24 while employee benefit expenses stood at Rs 33.87 crore (up 8.7% QoQ).
The company stated that it has plan to launch leasing business and supply chain financing and increased focus on secured lending given current market and regulatory developments.
On standalone basis, the company’s net profit stood at Rs 70.48 crore in Q3 FY24, steeply higher than Rs 8.04 crore in Q3 FY23. Total income surged to Rs 134.08 crore in Q3 FY24 as compared with Rs 34.96 crore in Q3 FY23.
Jio Financial Services is a Non-Banking Financial Company registered with the Reserve Bank of India and engaged in business of finance, trading in futures and options, trading / investments in shares and securities.
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