MUMBAI - Jio Financial Services, recently spun off from Reliance Industries Ltd, has welcomed a new leadership team following approval from the Reserve Bank of India (RBI). The financial giant announced today that Isha Mukesh Ambani, Anshuman Thakur, and Hitesh Kumar Sethia have joined its board of directors. This strategic move comes amidst the company's expansion into various sectors including lending, insurance broking, payments bank, and payment solutions.
The announcement coincided with an impressive financial performance report for the July-September quarter, showcasing a remarkable net profit doubling and a 47% increase in revenue. A significant contributor to this financial success was a strong dividend income reported at Rs 216.85 crore.
Following this leadership update and the robust quarterly report, Jio Financial Services saw its shares climb by 1.23%. The RBI has also instructed the company to update its XBRL returns to reflect these management changes. The second-quarter results underscored the firm's growth with a 101% jump in consolidated profit after tax (PAT), which amounted to Rs. 668 crore.
InvestingPro Insights
According to InvestingPro's real-time data, Jio Financial Services boasts a commanding market capitalization of $60 billion. This figure underscores the firm's robust position in the financial sector. The company also offers a dividend yield of 2.5%, a noteworthy metric for investors seeking steady income. Additionally, Jio Financial Services' P/E ratio stands at 23.8, suggesting potential for growth.
InvestingPro highlights two key tips for potential investors and followers of Jio Financial Services. Firstly, it's recommended to monitor the company's dividend yield. This is especially important for those interested in regular income from their investments. Secondly, the P/E ratio is a critical metric to watch, as it can provide insights into the company's growth potential. These are just two of the many valuable tips available with InvestingPro's comprehensive investment tool.
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