Jio Financial Q1 Results: Profit Stays Flat On Lower Interest Income

Jio Financial Services Ltd.'s net profit remained flat in the first quarter of fiscal 2025.

In the first quarter of fiscal 2025, the company launched the beta version of Jio Finance app and also started the business of leasing AirFiber devices, according to its investor presentation. In addition, it also launched auto and two-wheeler digital insurance.

Under its lending business, Jio Financial Services launched loans against mutual funds and home loans in beta version in July. Going ahead, it plans to launch loans against property and against securities, the investor presentation said.

Even in the previous quarter, the company mentioned its plans of launching loans against property and home loans under its lending business.

Under its leasing business, the company plans to venture into solar panels and IT equipment going ahead. In the fourth quarter of the previous fiscal, the company started DaaS (device-as-a-service), which is a service model for consumer devices.

For the payments bank business, Jio Financial Services plans to launch cross-selling of products in the near future. It has also received approval to expand network of business correspondents set-up to approximately 16,000 outlets.

Jio Payments Solutions, however, has plans to offer EMI on credit/debit cards and brand EMI, according to the investor presentation. Along with this, it will also have a multi-bank UPI acquiring model for routing UPI transactions.

Jio Financial also has an agreement for a 50:50 joint venture with BlackRock to set up wealth management and brokerage businesses, subject to regulatory approval. As an update on that, the company mentioned in its investor presentation that the infrastructure and tech platforms are in advanced phases of development along with GTM (go to market) strategy.