Jio Financial's Revenue Surges 65.98% in Q2 2024, Profits Double to INR 689.07 Crore JFSL's total expenses for the quarter also saw a sharp rise, increasing by 84.08 per cent to INR 146.07 crore in Q2, up from INR 79.35 crore in Q1.
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Jio Financial Services Limited reported remarkable growth in its financial performance for the quarter ended September 2024, with revenue from operations increasing by an impressive 65.98 per cent quarter-on-quarter (QoQ) to INR 693.50 crore. The company's profit more than doubled, reaching INR 689.07 crore, largely driven by contributions from its associates and joint ventures. This marks a significant jump compared to the INR 338.47 crore profit in the June 2024 quarter, with INR 225.71 crore of the Q2 profit attributed to these partnerships.
JFSL's total expenses for the quarter also saw a sharp rise, increasing by 84.08 per cent to INR 146.07 crore in Q2, up from INR 79.35 crore in Q1. Employee benefit expenses contributed significantly to this rise, growing by 73.97 per cent to INR 67.71 crore, compared to INR 38.92 crore in the previous quarter.
A major driver of JFSL's success this quarter has been the official launch of its enhanced JioFinance app. After releasing a beta version on May 30, 2024, the app is now available across all platforms, offering a comprehensive range of financial services. The app enables users to access loans on mutual funds, home loans, and loans against property, while also integrating UPI payments, mobile recharges, and credit card bill payments. Additionally, it provides a consolidated view of users' bank accounts and mutual fund holdings, making financial management more seamless.
The JioFinance app also offers 24 insurance plans, covering life, health, and vehicle insurance, further expanding its product suite. This broad range of services positions JFSL to cater to diverse financial needs, making it a one-stop shop for users seeking both traditional and modern financial solutions.
On the savings front, JFSL has made strides with its Jio Payments Bank Ltd, which allows users to open digital savings accounts in under five minutes using biometric authentication. With over 1.5 million users already onboard, the bank is playing a critical role in providing easy, accessible financial services to a growing user base.
With robust revenue growth and a successful product rollout, JFSL continues to strengthen its presence in the financial services sector, setting the stage for future expansion and innovation.
