KR Choksey's research report on Jio Financial Services
Net Interest Income (NII) for Q3FY25 was INR 2,050 Mn, marking a decline of 21.9% YoY, though it saw a 2.5% increase QoQ. PreProvision Operating Profit (PPOP) stood at INR 3,305 Mn, reflecting a 4.7% YoY growth driven by higher non-interest income. However, it declined by 40.1% QoQ. Profit After Tax (PAT) for Q3FY25 was INR 2,948 Mn. While PAT remained relatively stable on a YoY basis, it decreased by 57.2% QoQ due to the base effect. NBFC AUM stood at INR 41,990 Mn as of December 31, 2024, a significant rise from INR 12,060 Mn in the previous quarter.
Outlook
We believe that while the company's long-term growth potential remains strong, ongoing investments and operational ramp-up efforts justify maintaining a “HOLD” rating on the shares.
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