Despite the decline in profitability, the quarter saw strong growth in operating income, driven by robust interest and fee-based revenues.
Revenue from operations more than doubled to Rs 901 crore in Q3FY26 from Rs 438 crore in the corresponding quarter last year, marking a 106% year-on-year growth. On a sequential basis, however, total income declined 10% to Rs 902 crore from Rs 1,002 crore in Q2FY26, while operating revenue fell 8%.
Net profit also dropped 61% quarter-on-quarter from Rs 695 crore in the September quarter.
Interest income surged 140% year-on-year to Rs 504 crore, driven by the expansion of the lending portfolio. Fee, commission and other services income jumped 394% to Rs 182 crore from Rs 37 crore a year ago.
Net gains from fair value changes stood at Rs 214 crore, up 12% year-on-year.
Expenses rose sharply during the quarter, with total costs climbing to Rs 566 crore from Rs 131 crore in the year-ago period, a 333% increase. Finance costs were Rs 212 crore, compared with nil in the same quarter last year.The company’s NBFC operations continued to scale, with assets under management (AUM) reaching Rs 19,049 crore, a 4.5-times increase year-on-year. Sequentially, AUM grew 29%, supported by strong loan disbursements across segments.
Meanwhile, the asset management business also maintained traction, with AMC AUM at Rs 14,972 crore across 10 mutual fund schemes and a retail investor base of around 1 million.
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