JFS has recorded multi-fold increase in its net profit of Rs1605 cr for full FY2023-24 against net profit of Rs31 cr in the previous FY
FinTech BizNews Service
Mumbai, April 19, 2024: Jio Financial Services Limited (JFS) reported a consolidated net profit of Rs311 cr for the quarter ended March 31, 2024, registering a 5.7% increase yoy. JFS has recorded multi-fold increase in its net profit of Rs1605 cr for full FY2023-24 against net profit of Rs31 cr in the previous FY. JFS has recorded consolidated PAT at Rs311 crores for Q4 FY24 (Q3 FY24 at Rs294 crore); Standalone PAT for FY24 at Rs383 crores; Standalone PAT at Rs78 crores for Q4 FY24 (Q3 FY24 at Rs71 crore);
In its Earnings Presentation, JFS said that the company is catering to diverse financial needs of customers. JFS is addressing working capital needs of suppliers through Vendor Financing.
JFS has Products in pipeline in terms of home loans, loan against property, loan against Mutual Funds.
JFS has DaaS New-age service model for consumer devices to target: • An embedded finance product at a cost-effective rate for customers • Lower risk due to asset ownership • Sharper targeting for cross-selling based on customer insights
Value Propositions include • Solar panels • EV batteries • IT equipment • AirFiber • Phone • Laptop • Ship lease.
JFS is offering Digital, Analytics and Technology as differentiators with Jio Finance App.
Jio Payments Bank launched debit card, launched revamped digital savings account and it has New Business Correspondents' expansion plan.
Jio Payment Solutions has done Pilot launch of Voice Box (Mumbai only) and Launched Merchant Mobile App.
JFS has entered into 29 Insurance company tie-ups. It has Embedded Insurance for White Goods at point of sale. Extended Warranty for Consumer durables and mobiles launched. It is leveraging Jio JFS has Payment Solutions Limited’s merchant platforms for shop insurance 50-50 JV with BlackRock to launch Wealth management and Broking businesses. Top-level hiring for AMC is in-progress.
Base technology is in place to be enabled by AI, alternate data and bolt-on features.
JFS is capitalizing on new entrant advantage. Absence of legacy systems resulting in significant cost efficiencies & enhanced computing capabilities.
Jio Financial Services Limited quickly adapts to market dynamics & changing customer needs - including use of opensource technology due to its agile approach. Jio Financial Services Limited has power to leverage alternate data to facilitate non-linear growth by leveraging account aggregator, bureau & alternate data. It is creating enriched customer profiles for tailored offerings.
