Jio Financial Services Ltd (JFS), the demerged business of Reliance Industries Ltd (RIL), is all set to report its June quarter results on Monday. The NBFC had on July 10 informed stock exchanges about the board meeting on July 15 to inter-alia consider and approve the unaudited financial results of the company for the quarterly ended June 30.
JFS, whose shares are up 49 per cent in 2024 so far, last week received approval from the Reserve Bank of India (RBI) to convert into a core investment company (CIC). JFS is a holding company for operating a set of financial services businesses through its subsidiaries. In fiscal 2024, JFS was demerged from Reliance Industries Ltd and listed as a separate entity.
On a consolidated basis, JFS reported networth of Rs 1,39,148 crore as on March 31, 2024, which included valuation of the 6.1 per cent stake held in RIL.
The promoter group has raised the stake in JFSL post listing from 45.8 per cent to 47.12 per cent, showing long-term commitment of promoter towards JFS group, rating agencies recently said. They believe promoter group is not expected to materially dilute its stake in JFSL in the near term.
For the March quarter, JFS clocked a net profit of Rs 310 crore and net interest income (NII) of Rs 280 crore for the quarter. It reported total income at Rs 418 crore and revenue 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, CARE said.
Care Ratings recently assigned CARE AAA with stable rating to JFS arm's Rs 4,000 crore long term bank facilities and Care A1+ rating to its short term bank facilities. It assigned CARE AAA with stable rating to Jio Finance's Rs 3,000 crore non-convertible debentures (NCDs) and Care A1+ rating to its commercial papers.
The rating agency believes that JFL will continue to demonstrate a stable business profile with the expectation of need-based timely support from JFSL given the strategic importance, the shared brand name and the management control.