Jio Financial Services (JFS), a subsidiary of Reliance Industries, announced a net profit of ₹310 crore for the January-March quarter of the current financial year, which is up from the ₹293.82 crore reported in the previous quarter.

What Happened: The firm’s net interest income for the quarter stood at ₹280.7 crore, with total income reaching ₹418.18 crore. Overall, JFS recorded a total revenue of ₹418 crore during the fourth quarter which is marginally higher than ₹413.61 crore reported in the September-December quarter.

Operating as a holding company, JFS conducts its financial services business through consumer-facing subsidiaries such as Jio Payment Solutions (JPSL), Jio Insurance Broking (JIBL), and Jio Finance (JFL), along with a joint venture with Jio Payments Bank.

The company announced a new joint venture with BlackRock to launch its wealth management and broking business earlier this week. This new equal partnership, which also involves setting up a wealth management company and a brokerage in India, builds on a previous collaboration between JFS and Blackrock aimed at tackling India's asset management sector with digital-first solutions and expanded access to investment options.

Since the earnings were announced after market hours, we’re yet to see how the market decides to react to the newly reported numbers.

Jio Financial Services shares closed 2.17% down at ₹370 on the BSE on Friday.

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