Jio Financial Services (JFS) Ltd on Friday reported a 3.13 per cent rise, year-on-year (YoY), in its second-quarter net profit for the ongoing financial year 2024-25 (Q2 FY25). The company had posted a profit of Rs 668.18 in the year-ago period.
In terms revenue from operations, Jio Financial saw a YoY uptick of 14.06 per cent, at Rs 693.50 crore, in Q2 FY25 from Rs 608.04 crore in the corresponding period last fiscal. The company's net worth came at Rs 1,37,144 crore at the end of September this year.
On the stock-specific front, Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, said, "Investors can continue to hold on to the stock with a long-term view due to the company's pedigree and also the financialization of assets in India. Jio Financial has a strong brand reach and is going to perform well in the future."
Technically, support on the counter could be seen in the Rs 325-320 zone. Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi, said, "Support will be Rs 325 and resistance Rs 350. A decisive close above Rs 350 level may trigger a further upside towards Rs 365. The expected trading range will be between Rs 320 and Rs 365 for the short term."
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "The Rs 325-320 zone is likely to cushion a fall, while any further breakdown could disrupt the technical structure. On the higher end, a restoration above Rs 345-350 can only bring back positive traction in the counter."
Kushal Gandhi, Technical Analyst at StoxBox, said, "We recommend refraining from initiating a new position in the stock until it confirms an upward trajectory, which we anticipate upon a decisive close above Rs 360 level."
The quarterly results were announced post-market hours today. Earlier in the day, shares of JFS settled 0.39 per cent higher at Rs 330.55. At this price, it has gained 40.90 per cent in 2024 so far.
As of September 2024, promoters held a 47.12 per cent stake in the non-banking finance company (NBFC). Jio Financial's stock has a price-to-equity (P/E) ratio of 677.49 against a price-to-book (P/B) value of 8.56. Earnings per share (EPS) stood at 0.49 with a return on equity (RoE) of 1.26.