Jio Financial Services witnessed a notable surge in its stock price, climbing 3.7% to Rs 384 a share on the BSE amid the release of its strong Q4FY24 results. The company reported a 6% increase in net profit, reaching Rs 311 crore for the January-March quarter, compared to Rs 294 crore in the previous quarter, while its consolidated revenue for the same period rose by 0.9% to Rs 418 crore.
In addition to its impressive financial performance, Jio Financial Services disclosed its collaboration with BlackRock in a 50:50 joint venture to establish operations in wealth management, broking, and asset management sectors. Top-level recruitment is underway for the asset management company (AMC), with plans to integrate advanced infrastructure and tech platforms for enhanced services. Furthermore, the company expanded its offerings by introducing debit cards and unveiling an enhanced Digital Savings Account for its payments bank clients.
The stock of Jio Financial Services has seen significant growth, escalating by 11% in the past month and surging by 85% in the last six months. It is currently trading at a price to earnings multiple of 146.5 times, demonstrating investors' confidence in the company's future prospects and strategic partnerships with BlackRock for diversifying its financial services portfolio.