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India's Jio Financial Q2 profit doubles from previous quarter
Reuters
·
1y ago
Medial
Jio Financial Services, a subsidiary of Reliance Industries, reported a doubling of its second-quarter profit compared to the previous quarter. The company, which was recently listed on stock exchanges, recorded a consolidated profit after tax of 6.68 billion rupees ($80.27 million) for the three months ended September 30. Revenue from operations increased by about 48% quarter-on-quarter to 6.08 billion rupees. Jio Financial Services aims to become a full-service financial services company and has plans to enter into asset management and insurance segments.
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Jio Financial Q3 Results LIVE: Reliance's NBFC to announce results today
Livemint
·
1y ago
Medial
Jio Financial Services, a non-banking financial institution of Reliance Industries, is set to announce its quarterly results for the first nine months of the fiscal year. In the previous quarter, JFS witnessed a significant increase in profit, totaling ₹668 crore, attributable to interest and dividend income. Having become an independent entity from Reliance Industries in 2023, JFS made its debut on stock exchanges in August that year.
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Go Digit reports flat growth in Q2 FY25, profit soars 3.2X
Entrackr
·
9m ago
Medial
Go Digit General Insurance Limited reported modest financial performance, with its operating revenue (net premium) increasing by 3.7% to Rs 1,891 crore in Q2 FY25 from Rs 1,824 crore in Q1 FY24. During the period, the firm’s gross premium witnessed an 11% dip. Net premiums written also saw a dip of 5% this quarter, reaching Rs 1,927 crore in Q2 FY25 compared to Rs 1,821 crore in the same quarter last year, according to its quarterly results reported on the NSE. Additionally, income from investments grew significantly, reaching Rs 284 crore in Q2 FY25, compared to Rs 211 crore in the same quarter of FY24, driven by a stronger investment portfolio performance. Total income for Q2 FY25 stood at Rs 2,175 crore, up from Rs 1,868 crore in the corresponding quarter of the previous year, showcasing overall financial growth for the company during this period. Go Digit experienced rising expenses in Q2 FY25, including commissions and brokerage costs, which amounted to Rs 572 crore, up from Rs 533 crore in Q2 FY24. Employee benefits also saw an increase, with expenses totaling Rs 90.5 crore in Q2 FY25. Moreover, operating expenses related to business development, sales promotion, and other operations grew significantly, and stood at Rs 132 crore in Q2 FY25. These increases contributed to the overall rise in the firm's expenses during the quarter. In terms of claims, the company paid out Rs 851 crore in claims during Q2 FY25, up from Rs 763 crore in Q2 FY24. There was also a change in outstanding claims, with an increase to Rs 483 crore in Q2 FY25 compared to Rs 315 crore in Q2 FY24. Despite the higher income, the underwriting loss for Q2 FY25 was Rs 244.83 crore, a slight increase from Rs 219.33 crore in the previous year. At the end, GoDigit’s profit surged 3.2X to Rs 89 crore during the quarter ending September 2024 as compared to the same quarter in FY24.
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Jio Financial Services seeks RBI approval to convert from NBFC to CIC
Livemint
·
1y ago
Medial
Jio Financial Services, a demerged entity of Reliance Industries, has requested approval from the Reserve Bank of India (RBI) to convert into a core investment company (CIC). The company aims to transform its financial operations and streamline its investment approach by becoming a CIC, which primarily invests in equity shares, preference shares, bonds, and loans of group companies. Jio Financial Services plans to focus on consumer finance, asset management, and insurance after the demerger from Reliance Industries. The company recently reported a doubling of net profit in Q2 2023.
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Jio Financial Services reports flat growth in Q1 FY25 as interest income declines 43%
Entrackr
·
1y ago
Medial
Jio Financial Services has published its first quarter results for the ongoing fiscal year (FY25). Its revenue from operations remained flat at Rs 418 crore in Q1 FY25 as the firm’s interest income declined sharply, Jio Financial Services’ filings with the National Stock Exchange show. The Mumbai-based company posted Rs 1,855 crore in revenue with a profit of Rs 1,604 crore in the fiscal year ending March 2024. Income from the interest, which accounted for 38.5% of the total operating revenue, declined by 42.7% to Rs 161 crore in Q1FY25 from Rs 281 crore in Q4 FY24. Income from fees/commissions and net gain on fair value change added Rs 38 crore and Rs 218 crore, respectively, to Jio Financial Services coffers in the quarter ending June 2024. Despite fall in interest, its controlled expense mechanism and growth in net gain on fair value helped Jio Financial Services to post profits of Rs 313 crore in Q1 FY25. As compared to Q1 FY24, the firm experienced a decline of 5.7% in profits. Jio Financial Services received the RBI’s approval to convert into a core investment company from a non-banking financial company (NBFC) last week to offer wider financial and wealth management services. Jio Financial Services and BlackRock Inc. have also sought approval for the application to the Securities Exchange Board of India to act as co-sponsors of mutual funds, according to its previous filings. The two companies also signed an agreement in April 2024 to form a 50:50 joint venture to operate a wealth management company. Jio Financial Services was listed on stock exchanges using the price discovery method following its spin-off from Reliance Industries Limited’s financial services division in August 2023. The company is currently trading at Rs 348.25 per share (as of 11.30 AM) with a market capitalization of Rs 2,21,253 crore.
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Jio Financial Services, BlackRock infuse Rs 117 Cr in mutual fund business
YourStory
·
6m ago
Medial
Jio Financial Services Ltd and BlackRock have invested Rs 117 crore in their joint venture, Jio BlackRock Asset Management, with each subscribing to 5.85 crore equity shares. Additionally, Jio BlackRock Investment Advisers established a subsidiary for broking. JFSL's third-quarter profit remained steady at Rs 295 crore, with increased total income of Rs 449 crore and expenses rising to Rs 131 crore. SEBI approval for Jio BlackRock Asset Management is pending.
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TCS top performers receive double-digit hike, attrition cools to 12.5%
Livemint
·
1y ago
Medial
Tata Consultancy Services (TCS), India's largest IT company, has reported a decline in its attrition rate to 12.5% in the fourth quarter, improving from the previous quarter's rate of 13.1%. The company also announced double-digit annual increments for its top performing employees. However, TCS has experienced a decline in its total headcount. In terms of financial performance, TCS recorded a net profit of ₹12,434 crore in the fourth quarter, representing a year-on-year growth of 9.1%.
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Ambanis to infuse Rs 16,000 Cr in Jio Financial Services to take on rivals
YourStory
·
5d ago
Medial
The Ambani family and its promoter group are set to inject INR 15,825 crore into Jio Financial Services to bolster its financial position, raising their stake from 47.12% to 54.19%. This will be executed through a preferential issue of convertible warrants. Jio Financial reported a 4% rise in net profit in Q1 2025 and enhanced its stake in Jio Payments Bank by acquiring SBI's shares, making it a wholly-owned subsidiary.
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Cognizant's June quarter net profit rises 22% to $566M
YourStory
·
1y ago
Medial
Cognizant Technology Solutions reported a 22% increase in net profit for the June quarter, surpassing expectations. The company also adjusted its revenue guidance for the full year 2024. It now expects revenue to be between $19.3 billion and $19.5 billion, a decline of 0.5% to a 1% increase, assuming some inorganic contribution. Cognizant's Q2 net profit stood at $566 million, up 22.2% from the same period last year. The company's improved revenue momentum in the second quarter was driven by its financial services and health sciences segments.
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MobiKwik continues profitable streak for second quarter in a row
Economic Times
·
1y ago
Medial
Digital payments and financial services company MobiKwik has reported a profit for the second consecutive quarter in the fiscal year. For the quarter ending September 30, 2023, the company recorded revenues of INR 208 crore, a 17% increase from the previous quarter, and posted a total profit of INR 5 crore. Credit now contributes almost 60% of MobiKwik's topline, with the rest coming from digital payments, and the company is expanding its offerings in wealth management and personal loans.
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EaseMyTrip post Rs 161 Cr revenue and Rs 46 Cr profit in Q3 FY24
Entrackr
·
1y ago
Medial
Online travel aggregator (OTA) platform EaseMyTrip on Friday announced its financial results for the quarter ending December 2023 (Q3 FY24). The results show a decent growth in scale and a marginal decline in profit during the quarter. EaseMyTrip ’s revenue from operations increased 13.5% to Rs 160.8 crore in Q3 of FY24 from Rs 141.7 crore in the last quarter (Q2 FY24), as per its consolidated financial statements with the National Stock Exchange. When compared to the third quarter of the previous fiscal year (Q3 FY23), its revenue from operations rose 18.1% from Rs 136.1 crore. EaseMyTrip collected 78% of its revenue from air passage which grew 8% to Rs 125.7 crore during the quarter while revenue from hotel packages spiked 54% to Rs 20.9 crore. The remaining Rs 14.18 crore was generated via other operating services. Including non-operating income of Rs 4.52 crore, the company’s overall collection approached Rs 165.3 crore in Q3 FY24. On the expense side, employee benefits expenses accounted for 21% of the overall spendings which went up 18.5% to Rs 22.16 crore during the period. It spent Rs 16.47 crore on service costs which represent the cost of tour packages, bus and other services. The company also incurred advertising – promotion and payment gateway charges worth Rs 17.48 crore and Rs 12.95 crore in the quarter. In total, EaseMyTrip’s overall expenses rose 31.4% to Rs 105 crore in Q3 FY24 from Rs 79.9 crore during Q2 of the same fiscal year. When it comes to the bottom line, the company’s profits marginally decreased (3%) to Rs 45.68 crore in Q3 as compared to Rs 46.95 crore in Q2 of the same fiscal year. In Q3 FY23 (previous fiscal year), the company had posted Rs 41.7 crore profits. Whereas, the company’s profit before tax stood at Rs 60.26 crore. On a unit level, EaseMyTrip spent Re 0.65 to earn a rupee in Q3 FY24. For the nine months period (Apr-Dec 2024) of FY24, EaseMyTrip posted Rs 426.5 crore revenue from operations with a profit of Rs 118.5 crore. Listed in March 2021 at Rs 13 per share, EaseMyTrip saw its peak in November 2022 at Rs 66 per share. With nearly 300% growth, its current price is roaming around Rs 51 a piece with a market cap of over Rs 9,000 crore or $1 billion.
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