Mukesh Ambani’s company’s profit rises to Rs 325 crore days after acquiring entire stake of India’s largest govt bank in…
Reliance firm’s revenue for the June quarter rose sharply by 46.6 per cent year-on-year to Rs 612.46 crore from Rs 417.82 crore.
Several companies of Asia’s richest man, Mukesh Ambani, are announcing their Q1 FY 26 results these days. Now, on Thursday, another firm of the Indian billionaire posted its results for the April-June quarter. The company name is Jio Financial Services Ltd (JFSL), which reported a net profit of Rs 325 crore for Q1 FY26, marking a 4 per cent increase from Rs 312.63 crore in the same quarter last year.
Moreover, its revenue for the June quarter rose sharply by 46.6 per cent year-on-year to Rs 612.46 crore from Rs 417.82 crore. Ahead of the results, shares of Jio Financial Services closed 0.17% lower at Rs 319 on the NSE, with a market cap of Rs 2.03 lakh crore.
JFSL acquires SBI’s stake in Jio Payments Bank
The Ambani-led company, JFSL, had announced on June 18 that it acquired the entire 17.8 per cent stake of India’s largest bank, State Bank of India (SBI), in Jio Payments Bank Ltd. JFSL acquired 7,90,80,000 equity shares of Jio Payments Bank from SBI for an aggregate consideration of Rs 104.54 crore pursuant to the approval received from the RBI on June 4, the company had said in a regulatory filing. After this, Jio Payments Bank became a wholly-owned subsidiary of JFSL. Earlier, Jio Payments Bank operated as a joint venture between Jio Financial Services and SBI.
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Jio BlackRock gets SEBI approval
Jio BlackRock, the company’s 50:50 joint venture with BlackRock, has also received SEBI approval to launch four passive funds, including index funds tracking the Nifty Midcap 150, Nifty Next 50, Nifty Smallcap 250, and the Nifty 8–13 year G-Sec index.
JFSL was demerged and listed as a separate entity in August 2023. The company is primarily engaged in the business of investing and financing, insurance broking, payment bank and payment aggregator and payment gateway services.
