Non-banking Financial company Jio Financial Services announced Q2FY24 & H1FY24 results: Financial Highlights: - Consolidated PAT increased by 101% in H1FY24, reaching Rs 668 crore in Q2FY24 compared to Rs 332 crore in Q1FY24. - Consolidated Total assets stood at Rs 1,19,598 crore on Sept. 30, 2023. - Consolidated net worth increased to Rs 1,15,631 crore on Sept. 30, 2023, from Rs 1,14,120 crore on March 31, 2023. - Standalone Profit after tax was Rs 89 crore in Q2FY24, down from Rs 145 crore in Q1FY24. - Standalone net worth stood at Rs 24,288 crore on Sept. 30, 2023. Business Overview: - Indian financial landscape is poised for growth with a large working population and increasing adoption of digital financial services. - Jio Financial Services offers a holistic suite of financial services including lending, insurance broking, payments bank, and payment solutions. - The company aims to democratize financial services and provide access to simple, affordable, innovative, and intuitive products and services. - Technology will be a key growth differentiator, enabling cost efficiencies, enhanced customer experience, and leveraging alternate data. Products and Services: - Jio Financial Services offers a range of lending products including personal loans, consumer durable loans, and upcoming products like business and merchant loans, auto loans, home loans, and loans against shares. - The company also provides insurance broking services with partnerships with 24 insurance companies offering various types of insurance products. - Jio Payments Bank offers savings account services with an end-to-end digital journey and plans to launch debit cards. - Jio Payment Solutions offers Sound Box, a payment solution, and actively enriches customer engagement. Alternate Data and Risk Management: - Jio Financial Services utilizes alternate data models within the guidelines of the Digital Personal Data Protection Act to assess and profile customers for tailored offerings. - The company uses AI-driven risk management and credit underwriting to efficiently monitor potential risks. - Efficient risk management, credit underwriting, and collections lead to lower credit costs. Inherent Strengths: - Jio Financial Services has a strong capital base to fund its growth strategy and meet regulatory requirements. - The company has an experienced leadership team and a well-established brand presence. - Its extensive physical network facilitates easy customer access. Result PDF