Jio Finance Share Price Today

Jio Finance Share Price Today – Jio Financial Services Ltd, the digital finance arm of Reliance Industries Ltd, reported a stellar performance in the second quarter of fiscal year 2024, sending its shares up by 2.37% to close at ₹226.70 on Wednesday.

Jio Financial Services shares soar on strong quarterly results

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The company posted a net income of ₹6.68 billion for the quarter ended September 30, 2023, a whopping 109.89% increase from the same period last year. The company attributed the surge in profitability to its diversified portfolio of financial products and services, including lending, insurance, payments, wealth management, and advisory.

The company’s revenue also rose by 6.08% year-on-year to ₹6.08 billion, driven by strong growth in its digital lending segment, which saw a 12% increase in loan disbursements and a 15% reduction in non-performing assets. The company also benefited from its strategic partnerships with various fintech players, such as Zomato, IRB Infrastructure, and CDSL, to offer innovative solutions to its customers.

The company’s operating expense was ₹714.20 million, a 10.23% decrease from the previous quarter, reflecting its operational efficiency and cost optimization. The company’s effective tax rate was 11.43%, lower than the industry average of 15%.

The company’s share price has gained 11.82% in the last month, outperforming the NSE Finance – Others index, which has risen by 8.54% in the same period. The company’s market capitalization stands at ₹143.90 billion, making it the second-largest player in the finance-others sector, after Tata Steel Ltd.

The company’s management expressed confidence in its prospects, stating that it will continue to leverage its digital platform, data analytics, and customer-centric approach to offer superior value to its stakeholders. The company also announced that it has received approval from the Reserve Bank of India to appoint Isha Ambani, the daughter of Reliance Industries chairman Mukesh Ambani, as one of its directors.

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