Jio Financial Services’ shares fell 2.4% to a low of Rs 346.75 from its previous close of Rs 355.40. The fall in the stock price came a day after the company reported a 5.72% decline in its consolidated net profit for Q1 FY25.
The company reported a net profit of Rs 313 crore in Q1 Of FY25 in comparison to Rs 332 crore it posted in the same quarter a year ago. Also, the company saw a drop of 19.8% on year in its interest income standing at Rs 162 crore in Q1 FY25 in comparison to Rs 202 it posted in the corresponding period previous year.
However, the company reported a marginal rise in its total income coming in at Rs 418 crore due to higher net gain on fair value changes over the same period last year. Its net gain on fair value changes in Q1FY25 stood at Rs 218 crore as against Rs 174 crore.
Jio Financial Service up nearly 40% in 1 year
Jio Financial Services has erased investors’ wealth by more than 4% in the last one month. However, the stock has given a return of 39.6% in the past six months. Interestingly, it gave 39.6% returns in a year.
To give a comparison, the benchmark index Nifty 50 has risen 4.6% in the last one month. While it has given a return of almost 12% in the past six months and risen 25% in a year.
Jio Financial Services has recently got approval from the Reserve Bank of India to convert into a core investment company from a non-banking financial company.
The company was demerged from Reliance Industries on July 20, 2023, almost a year ago, with a swap ratio of 1:1.