Shares of Jio Financial Services Ltd on Monday climbed 4 per cent to hit the 52-week high level after the company reported a 6 per cent increase in consolidated net profit for the fourth quarter ended March 2024.

The stock jumped 4 per cent to Rs 385 -- its 52-week high -- on the BSE.

On the NSE, the company's stock climbed 3.98 per cent to hit the 52-week high of Rs 384.85.

Jio Financial Services Ltd on Friday reported a 6 per cent increase in consolidated net profit to Rs 311 crore for the fourth quarter ended March 2024 on the back of improvement in income.

The financial services company demerged from Reliance Industries Ltd, had reported a profit of Rs 294 crore for the December quarter.

On an annual basis, the company's consolidated net profit jumped multi-fold to Rs 1,605 crore in FY24 against Rs 31 crore in the preceding fiscal, Jio Financial Services said in a regulatory filing.

Its revenue improved marginally to Rs 418 crore from Rs 414 crore in the December quarter.

Its expenses also increased marginally to Rs 103 crore against Rs 99 crore in the third quarter.

Jio Financial Services is engaged in the business of investing and financing, insurance broking, payment bank and payment aggregator, and payment gateway services.

Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.