Jio Financial Services profit rises 6% to Rs 311 crore in March quarter

Billionaire Mukesh Ambani-backed non-banking finance company- Jio Financial Services - on Friday reported net profit of Rs 310.63 crore in fourth quarter of last financial year. The company's profit rose 5.7 per cent from Rs 293.82 crore in the previous quarter.

Jio Financial Services' interest income rose 4.33 per cent to Rs 280.74 crore in March quarter from Rs 269.08 crore in December quarter.

Its total revenue from operations advanced marginally to Rs 418.18 crore as against Rs 414.33 crore in the previous quarter.

During the quarter, Jio Financial Services and BlackRock Inc. have agreed to form a Joint Venture to enter India's Asset Management Industry.

Earlier this week, Jio Financial Services said that it had entered into a new joint venture (JV) with US-based BlackRock Inc to set up a wealth management and broking business in India less than a year after launching an asset management venture.

Jio Financial Service, part of Ambani-led Reliance Industries, said the JV aims to tap into India's increasingly lucrative wealth business and will include the incorporation of a wealth management firm and, subsequently, a brokerage company.

Wealth managers look after $1-1.2 trillion of financial assets owned by high net-worth individuals of the South Asian country, as per a recent Jefferies report.

Jio Financial Services shares ended 2.17 per cent lower at Rs 370 ahead of its earnings announcement.