Reliance Strategic Investments Limited Reports June Quarter Results
Net Profit After Tax Stands at Rs 331.92 Crore
Reliance Strategic Investments Limited (formerly known as Jio Financial Services or JFS) has reported its June quarter results. The demerged entity of Reliance Industries reported a total income of Rs 414.13 crore with a consolidated net profit after tax of Rs 331.92 crore.
On a standalone basis, the company reported a net profit of Rs 145.47 crore and total income of Rs 214.57 crore. On Thursday, the financial business was demerged from Reliance Industries. Shareholders of Reliance Industries will receive Jio Financial Services shares in a ratio of 1:1.
Reliance Industries has stated that the demerger would enhance the focus on every business and create value for shareholders of both companies and will also enable Reliance Financial Services to raise funds from capital markets as well as strengthen the balance sheet.
The company has also announced that it will use the funds to build a diversified and value-driven customer portfolio across a range of types of financial services. It plans to build a diversified, customer-centric, technology-driven financial services business that will be able to serve the needs of individuals, small entrepreneurs, and corporate customers.
The company believes that the demerger will give it the autonomy to build products and services and enter into alliances to expand its product and service offering on the digital platform. It will also enable it to drive better governance as a standalone entity and benefit from the presence of a strong and experienced senior leadership team.
