Hitesh Sethia Appointed as Jio Financial Services MD & CEO by MCA for 3 Years

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Hitesh Sethia Appointed as Jio Financial Services MD & CEO by MCA for 3 Years: The Ministry of Corporate Affairs (MCA) has approved the appointment of Hitesh Kumar Sethia as the Managing Director and Chief Executive Officer of Jio Financial Services for a three-year term, starting from 15th November 2023. This decision was announced by Jio Financial Services in a regulatory filing on 24th April 2024.

Jio Financial Services – Key Highlights

The approval from MCA is conditional upon Sethia holding a valid Employment Visa throughout his tenure in India. Additionally, the ministry’s nod is subject to the provisions of the Companies Act 2013 and does not cover security clearance requirements, for which the company and appointee are responsible.

Jio Financial Services – Financial Performance

In its latest quarterly results, Jio Financial Services reported a 5.8% year-on-year increase in consolidated net profit, amounting to Rs 311 crore in the quarter ended March 2024 (Q4FY24), up from Rs 294 crore in Q4FY23. The company’s total income also saw growth, rising to Rs 418 crore in Q4FY24 from Rs 414 crore in Q4FY23.

These results mark the first annual results for Jio Financial Services as a listed entity. Charanjit Attra, the company’s Chief Operating Officer, attributed the growth to various factors, including an increase in income and a higher share of net profit from associates.

For the full fiscal year FY24, the consolidated net profit surged to Rs 1,605 crore from Rs 31 crore in FY23. Similarly, the total consolidated income grew to Rs 1,855 crore in FY24, up from Rs 44 crore in FY23.

Jio Financial Services – Market Reaction

Following the announcement of its financial results, Jio Financial Services’ stock closed 2.17% lower at Rs 370 per share on the Bombay Stock Exchange (BSE). However, despite this short-term reaction, the company’s growth trajectory remains promising.

With Hitesh Sethia’s appointment as the new MD and CEO, subject to regulatory conditions, Jio Financial Services is expected to receive strategic leadership and guidance for its future endeavors. As the company continues to expand its operations and strengthen its position in the market, Hitesh Sethia’s expertise is likely to play a crucial role in driving further growth and success.

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