Shares of Jio Financial Services fell almost 3% on Tuesday, hitting a low of ₹346.80. This drop followed a 6% year-on-year decline in net profit for the quarter ending June 2024.
Key Numbers:
- Q1FY25 net profit: ₹313 crore (down from ₹332 crore last year)
- Total revenue from operations: ₹418 crore (up 0.9% from ₹414 crore last year)
- Interest income: ₹162 crore (down from ₹281 crore in Q4FY24 and ₹202 crore in Q1FY24)
- Standalone PAT: ₹72 crore (down from ₹78 crore in Q4FY24 and ₹145 crore last year)
- Standalone revenue from operations: ₹134 crore (down from ₹141 crore in Q4FY24 and ₹215 crore last year)
Business Updates:
- Partnered with 31 insurance companies to offer digital auto and two-wheeler insurance via the JioFinance app.
- Launched Metro Cash & Carry for shopkeeper insurance.
- Increased sales through its institutional channel.
Since its listing on August 21, 2023, Jio Financial shares have risen over 40%. Year-to-date, they have increased by 48%.
Is It a Good Time to Buy?
Osho Krishan, Senior Research Analyst at Angel One, notes that the stock has corrected from its high of ₹395. The overall trend remains positive, with ₹335 likely to provide support. If the stock falls further, it could drop to the ₹310-300 range. On the upside, ₹370 is a key resistance level, and a breakthrough here could renew investor interest.
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