Jio Financial Shares Slip 2% After Q1 Print

Jio Financial‘s share price was reeling at the bourses on Tuesday morning as the company’s June quarter earnings failed to impress investors.

What Happened: The Reliance subsidiary reported a net profit of ₹312.63 crore for the June quarter, up from ₹310.63 crore in the March quarter. In the June quarter of 2023, profit was at ₹331.92 crore.

The company’s total income for the quarter ended June 30 stood at ₹417.82 crore, compared with ₹414.13 crore a year earlier and ₹418.18 crore for the quarter ended March.

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Jio Finance will explore offering loans against property and securities. Earlier this year, the company launched loan products against mutual funds and auto and two-wheeler digital insurance. Jio Financial Services has also launched the beta version of the JioFinance App and started leasing Jio AirFiber devices.

The company also said Jio Insurance Broking plans to introduce new products on the digital channel, expand its embedded insurance portfolio and accelerate growth in the institutional channel. Jio Payments Bank will focus on channel expansion, increasing transactions through these channels and cross-selling products.

Reacting to the results, analysts at Motilal Oswal said the company is currently working to enhance its market position and operational capabilities. “A cornerstone of the company's growth strategy is its diversified product portfolio and innovative financial solutions,” the brokerage firm added. The firm has not rated the company.

Price Action: Jio FInancial’s share price was down 1.96% to trade at ₹348.45 as the markets opened on Tuesday.

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