Big news has come for Mukesh Ambani's finance company. Its effect can also be seen in its shares tomorrow. Jio Financial Services Limited on October 18 presented its net profit results for the quarter ending September 30, 2024. The net profit of the company has increased by 3%. With which its earnings have increased to Rs 689 crore.
The company's revenue increased by 14% to Rs 693.5 crore in Q2FY25, compared to Rs 608 crore in Q2FY24. JFSL and the world's largest asset manager BlackRock have announced ventures to launch asset management and broking business in India. Days after its separation from Reliance Industries in July 2023, the company had announced the formation of a 50:50 joint venture with BlackRock to launch asset management services in India.
Motilal Oswal's report on the company's performance suggests that EBITDA may register a growth of 2% on an annual basis, which will take it to ₹ 39,700 crore. The O2C segment may face challenges due to the decline in Singapore's refining market. With a 3 percent increase in production, the company's oil and gas EBITDA can increase by 4%. Let us tell you that regarding the retail segment, Nuvama and Motilal Oswal said that profits will be strong and EBITDA will increase at the rate of 7-10%. Jio is also expected to perform well. Jio's EBITDA is expected to grow by 12% and ARPU by 5%. This will help in overcoming the loss caused by Jio's subscriber loss.
Reliance Industries Limited (RIL) had announced in the month of September that 1:1 bonus shares would be issued to investors, but since then the company has not yet announced the official date of giving bonus shares. If many media reports are to be believed, the date may be decided in the meeting of the Board of Directors on October 14. Along with this, the company will also review its quarter and half year.
