Jio Financial Services Limited — Q3 FY25 earnings call

Call held 17 Jan 2025

Management summary

Q3 FY25 saw significant NBFC AUM ramp-up to Rs 4,199 crores from Rs 1,206 crores, driven by secured lending products. JioFinance app reached 7.4 million MAUs. Insurance broking expanded rapidly with plans doubling QoQ to 54. The BlackRock AMC JV was incorporated and filed for final approval. PAT was flat at Rs 295 crores as treasury income offset business investment costs.

Highlights

  • NBFC (JFL) AUM grew to Rs 4,199 crores from Rs 1,206 crores in Q2 (248% QoQ)

  • Consolidated total income Rs 449 crores; PAT Rs 295 crores vs Rs 294 crores YoY

  • 7.4 million monthly active users across digital properties

  • Payments Bank BC network expanded to ~7,300; CASA customers reached 1.89 million (25% QoQ)

  • Online Payment Aggregator licence received by JPSL

  • JioBlackRock AMC submitted application for final SEBI approval in December 2024

  • Insurance broking: 54 plans across 31 insurers; 39 new corporate clients added

  • SmartGold and MyMoney personal finance manager launched on JioFinance app

Key financials

  1. Consolidated Total Income ₹449 Cr +8.5%YoY
  2. Consolidated PAT ₹295 Cr +0.3%YoY
  3. NBFC AUM ₹4,199 Cr +248%QoQ
  4. Interest Income ₹210 Cr
  5. Fees & Commission ₹37 Cr
  6. Total Expenses ₹131 Cr +33.7%YoY
  7. ECL Provisions ₹12 Cr +200%QoQ
  8. JPBL CASA Customers 18,90,000 +25%QoQ
  9. Digital MAUs 74,00,000

What they filed

Q1 FY27: revenue up 227.5%, net profit up 155.4% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue694 438 493 612 981 +41%901 +106%1,019 +107%2,004 +227%
EBITDA553 313 338 457 688 +24%555 +77%605 +79%1,397 +206%
Net profit689 295 316 325 695 +1%269 −9%272 −14%830 +155%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Segment breakdown

  • NBFC (JFL)
    ₹4,199 Cr AUM
  • Insurance Broking
    54 Plans31 Insurers
  • Payments Bank
    18,90,000 Customers7,300 BCs

Risks & concerns

  • PAT flat at Rs 295 cr vs Rs 294 cr YoY despite significant business scaling

    medium

    Revenue growth offset by higher expenses and lower associate income.

    Both acknowledged

  • No Q&A limits transparency

    medium

    Presentation-only format prevents probing on AUM quality, NIM, and strategy.

    Analyst not addressed

  • NBFC AUM growth extremely lumpy - Rs 1,206 cr to Rs 4,199 cr in one quarter

    medium

    Large wholesale disbursements likely driving the spike. Sustainability unclear.

    Both downplayed

Areas of evasion (3)

  • No Q&A
  • No NIM/yield data
  • No AUM product mix

Q&A highlights

3 direct
No Q&A Session Direct
All participants will be in a listen-only mode.

No analyst Q&A conducted.

NBFC Secured Lending Focus Direct
JFL is committed to empowering customers with quick and flexible access to loans backed primarily by either property or shares and mutual funds.

Confirms secured-only lending strategy for retail: home loans, LAP, LAS, LAMF.

Cost Levers as Competitive Advantage Direct
We will continue to focus on our cost levers and aim to maintain best-in-class cost-to-income ratio.

Management emphasizes cost advantages from digital-first model, Jio ecosystem data, and modern tech stack.

1 min read 3 chapters

Detailed narrative

NBFC AUM Ramps to Rs 4,199 Crores

JFL's AUM grew from Rs 1,206 crores to Rs 4,199 crores QoQ. Products include home loans, LAP, LAS, LAMF for retail and corporate lending. Distribution through JioFinance app, physical offices in 7 cities, ecosystem partnerships, and external property portals. Focus on prime/near-prime retail and high-rated corporates.

Digital Platform Gaining Traction

7.4 million monthly active users across JioFinance and MyJio apps. Launched SmartGold for digital gold SIP and MyMoney personal finance tracker. Marketing tie-up with MyJio for customer acquisition accelerating targeted campaigns.

Insurance and Payments Expanding

JIBL doubled plans to 54 across 31 insurers, added 39 corporate clients. Launched sachet insurance (solar panel, cyber). JPSL received Online Payment Aggregator licence. Payments Bank BCs at 7,300 with 1.89 million CASA customers.

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