Groww parent Billionbrains Garage Ventures’ first-quarter profit nearly doubled as the Indian online brokerage signed up more traders, sending its shares up nearly 8%.
Consolidated net profit rose to 7.35 billion rupees ($76.5 million) for the quarter ended June 30, from 3.78 billion rupees a year ago.
The number of Groww‘s transacting users rose to 22 million during the quarter, up 24% from last year and 4% sequentially.
The company, founded almost a decade ago, is the country’s largest online investment platform by active users with more than 50 million customers, according to its website.
Total customer assets climbed 38% on-year, and 22% sequentially.
Groww said it added 115,000 active National Stock Exchange clients during the quarter, while the overall industry saw a net decline of 257,000 clients.
Increased contribution from its commodities derivatives business further helped results, with active users in the category rising 10.7% sequentially to 435,000 during the quarter, the company said in a statement.
Revenue from operations jumped 66% to 15.01 billion rupees, while expenses climbed 25%.
Shares of the company were trading 4.1% higher at 212.22 rupees as of 12:29 p.m. IST.
($1 = 96.1350 Indian rupees)
Reuters
