CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The Ministry of Corporate Affairs (MCA) has approved the appointment of Hitesh Kumar Sethia as Jio Financial Services' Managing Director and Chief Executive Officer for a three-year term beginning November 15, 2023.
Key Highlights
The MCA's approval comes with the condition that Sethia maintain a valid Employment Visa throughout his stay in India.
The ministry's approval is subject to the regulations of the Companies Act of 2013 and does not include security clearance requirements, for which the firm and appointee are responsible.
Jio Financial Services announced the MCA's approval in a regulatory statement on April 24, 2024.
Financial Performance
Jio Financial Services' latest quarterly results showed a 5.8% year-on-year growth in consolidated net profit to Rs 311 crore in the quarter ended March 2024 (Q4FY24), up from Rs 294 crore in the same period in FY23.
The company's total income increased to Rs 418 crore in Q4FY24, from Rs 414 crore in Q4FY23. These were Jio Financial Services' first year earnings as a publicly traded corporation, according to Charanjit Attra, the company's Chief Operating Officer.
For the whole fiscal year FY24, the consolidated net profit increased to Rs 1,605 crore from Rs 31 crore in FY23, owing principally to an increase in income and a bigger share of net profit from associates, Attra stated. The entire consolidated income increased to Rs 1,855 crore in FY24, from Rs 44 crore in FY23.
Market Reaction
Jio Financial Services' stock finished 2.17% lower at Rs 370 per share on the Bombay Stock Exchange (BSE) after the company announced its financial results.
As the company continues to grow, Hitesh Sethia's nomination as the new MD and CEO, subject to regulatory approval, is expected to provide strategic direction and guidance for the company's future ambitions.
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