Q1 2025 Jio Financial Services Ltd Earnings Call Transcript
Key Points
- Launch of the JioFinance app in beta version, consolidating offerings and providing a unified platform for consumers.
- Approximately 0.5 million downloads of the JioFinance app, indicating strong initial consumer interest.
- Launch of loan against mutual funds and home loans in beta mode, expanding secured lending propositions.
- Over 1 million CASA accounts in Jio Payments Bank, showcasing successful digital revamp and customer acquisition.
- Final approval from the Reserve Bank of India for conversion to a core investment company, enhancing regulatory compliance and strategic oversight.
- Reduction in treasury income due to reinvestment in money market liquid mutual funds, impacting overall income.
- Standalone profit after tax decreased to INR72 crore from INR78 crore in the previous quarter.
- Total income for the quarter remained flat at INR418 crore, indicating no significant growth.
- Expenses related to setting up new businesses in the previous quarter, leading to higher costs.
- Provision recognized on standard asset on intergroup loans, contributing to total expenses.
Good evening, everyone. My name is Jill Deviprasad, and I'm Head of Investor Relations for Jio Financial Services Limited. On the declaration of the results for the first quarter ended June 30, 2024, for FY24, '25, it gives me immense pleasure to welcome the analysts, investors, and our colleagues to this virtual meeting.
We have with us today, our MD and CEO, Mr. Hitesh Sethia; and our Group Chief Financial Officer, Mr. Abhishek Pathak. (Event Instructions) The earnings presentation is uploaded on our website, www.jfs.in, and on the stock exchanges.
Before I hand over the call, I would like to read out the Safe Harbor statement. This presentation contains forward-looking statements, which may be identified by the use of words like plans, expects, estimates, or other words of similar meaning. All statements that address expectations or predictions about the future, including but not limited to, statements of our strategy for growth, product development,
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