Jio Financial Services Ltd –Highlights

Pursuant to the Scheme of Arrangement , Reliance Industries Ltd (RIL) and the Company and their respective shareholders? and creditors, sanctioned by the National Company Law Tribunal (NCLT),Mumbai Bench vide its Order Dtd.28-12-2023, Reliance Strategic Investments Ltd came into picture. It subsequently changed its name to ?Jio Financial Services Ltd(JFSL) with effect from 25-07-2023. All shareholders of RIL got? the same no of free Equity Shares of JFSL, as per their existing holding in RIL.

JFSL Equity Shares got listed in the Stock Exchanges – BSE & NSE on 21-08-2023. It closed? at Rs.349.60 at the BSE with a Market Capitalisation of Rs.2,22,110.82 Crore as on 12-09-2024.

Its Paid Up Capital as on 31-03-2024 was Rs.6,353.28 crore divided into 635.32 crore Equity Shares of Rs.10/- each.

Shareholding pattern as on 30-06-2024 shows Promoter Group ?holding at 47.12% and FII/FPI holding? at 17.55%.

The Company has four Licensed Areas namely -1. NBFC 2.Payments Bank ?3.Payments Aggregator 4.InsuranceBroking. It has Capital of 1.2 lakh Crore including 6.1% Treasury Shares of RIL.

JFSL received approval for conversion from NBFC to Core Investment Company (CIC) from the Reserve Bank of India (RBI) on11-07-2024. It also received approval from the Deptt. of Economic Affairs ,Ministry of Finance,Govt. of India on19-08-2024 ,for existing Foreign Investment in the Company? and also increase in Aggregate Limits of Foreign Investors (including FPI) in the Company to 49% of the Paid Up Equity on fully diluted basis.

During FY24, the Company booked Profit Before Tax (PBT) and Profit After Tax (PAT) on Standalone Basis of Rs.521.00 Crore and Rs.382.47 Crore respectively with Earning per Share (EPS) on Basic & Diluted Basis of Re.0.60. On Consolidated basis PBT and PAT for the year were Rs.1,955.89 Crore and Rs.1,604.55 Crore respectively. ?

During Q1,FY25,it booked PBT of Rs.97.88 Crore on Standalone Basis and Rs.400.39 Crore on Consolidated Basis.

The Company invested a massive Rs.17,088.77 Crore in five wholly owned subsidiaries and one subsidiary namely Jio Payments Bank Ltd in which it had an holding of 77.25% as on31-03-2024. Highest investment of Rs.12,702.90 (Equity –Rs.7,178.30 Crore? + Preference –Rs.5,524.60 Crore) made in Reliance Investments and Holdings Ltd and Rs.3,727.40 Crore in Jio Finance Ltd as on 31-03-2024.

During FY24, Reliance Investments and Holdings Ltd booked PBT of Rs.1,061.43 Crore ,followed by Jio Finance Ltd of Rs.205.83 Crore and Jio Insurance Broking Ltd of Rs.69.31 Crore. Three other Subsidiaries namely Jio Payments Solutions Ltd,Jio Leasing Services Ltd and Jio Payments Bank Ltd booked losses during the year.

On 26-07-2023,JFSL took a significant stride into asset management sector by forming a 50:50 JV with BlackRock Inc. Group which is aimed to leverage JFSL’s extensive market reach and BlackRock’s investment acumen. Both the Institutions have committed an initial investment of USD150 million .

Incorporation of a new Company namely Jio BlackRock Investment Advisers Private Ltd took place on 06-09-2024. JFSL will invest Rs.3 Crore divided into 30 lakh Equity Shares of Rs.10 each. Primary business of the Company will be investment advisory subject to regulatory approval.

In addition to that JFSL on 27-08-2024, invested Rs.68 Crore in the equity of Jio Payments Bank Ltd in order to increase its stake from 78.95% to 82.17%. JFSL’s subsidiary Jio Leasing Services Ltd also on 27-08-2024 invested Rs.67.5 Crore in 8.1% Cumulative Optionally Convertible Preference Shares of Rs.10 each in Reliance International Leasing IFSC Ltd , a 50:50 JV between Jio Leasing Services Ltd and Reliance Strategic Business Ventures Ltd.

JFSL also incorporated a wholly owned Subsidiary namely Jio Finance Platform and Services Ltd on 14-08-2024 with initial investment of Rs.one lakh divided into 10,000 Equity Shares of Rs.10 each.

Shri Mukesh Ambani in his message to Shareholders said “ Jio Financial Services is uniquely placed to enable financial inclusion in India, leveraging technology to make financial products simple , affordable and accessible to all.”

The Presentation dtd.30-08-2024, made before the Shareholders at the AGM, also depicted better picture.

Investor Community? is eagerly awaiting to see better performance of the Company during the coming months. ?.

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