Jio Financial Services (JIOFIN) Q2 24/25 earnings summary

Executive summary

• Achieved strong operational execution in Q2 FY 2025, with multiple new product launches and digital distribution expansion via the JioFinance app, which reached 6.5 million users.

• Focused on providing seamless, digital-first financial services across borrow, transact, invest, and protect categories.

• Received RBI approval as a Non-Deposit taking Systemically Important Core Investment Company (CIC-ND-SI) effective July 9, 2024.

• SEBI granted in-principle approval for a mutual fund joint venture with BlackRock, and a 50:50 JV for wealth management was incorporated in September 2024.

• Leveraged technology, data analytics, and a wide direct-to-customer network to drive growth.

Financial highlights

• Consolidated total income for Q2 FY 2025 was INR 694 crores, up from INR 418 crores in Q1 FY 2025 and INR 608 crores in Q2 FY 2024; H1 FY 2025 total consolidated income was INR 1,112 crores.

• Consolidated profit after tax for Q2 FY 2025 stood at INR 689 crores, compared to INR 313 crores in Q1 FY 2025 and INR 668 crores in Q2 FY 2024; H1 FY 2025 profit after tax was INR 1,002 crores.

• Standalone profit after tax for Q2 FY 2025 was INR 305 crores, up from INR 72 crores in Q1 FY 2025 and INR 89 crores in Q2 FY 2024; standalone H1 FY 2025 profit was INR 376.59 crores.

• Standalone total income for H1 FY 2025 was INR 517 crores, up from INR 363.47 crores year-over-year.

• Earnings per share (consolidated) for the half year was INR 1.58; standalone EPS was INR 0.59.

Segment performance

• Lending and leasing AUM reached INR 1,206 crores as of September 30, 2024, offering a range of retail and corporate lending products.

• Jio Payments Bank increased CASA customer base to 1.5 million, with enhanced digital account opening and biometric authentication, and expanded to 3,000 business correspondents.

• Jio Payment Solutions added features for merchants and retail customers, including recurring payments and credit card billers.

• Jio Insurance Broking distributed 24 insurance plans digitally and expanded partnerships to 31 insurance providers, with an expanded institutional product suite.

• JVs with BlackRock for asset management and wealth management progressing, with regulatory approvals and company incorporation completed.