India's Jio Financial posts drop in quarterly profit

Oct 15 (Reuters) — Jio Financial Services reported a 51% fall in second-quarter profit on Thursday, as higher costs offset growth across its businesses, especially in lending operations. The firm, which listed in 2023 after a demerger from Indian billionaire Mukesh Ambani's Reliance Industries, reported net profit of 3.40 billion rupees ($35.77 million) for the quarter ended September 30, compared with 6.95 billion rupees a year earlier. ($1 = 95.0550 Indian rupees) (Reporting by Nishit Navin in Bengaluru; Editing by Sahal Muhammed) ((Nishit.Navin@thomsonreuters.com;)