Groww Posts 54 Percent Profit Jump on Customer Growth
Indian online brokerage Groww reported a 54 percent rise in second quarter profit as the platform added more customers. Revenue from operations increased by 47 percent during the period. However, sequential profit slipped slightly due to regulatory changes impacting derivatives trading.
BILLIONBRAINS GARAGE VENTURE posted a 54% rise in second-quarter net profit to 7.26 billion rupees ($76.38 million) on Wednesday morning as the India online brokerage added more customers. The parent of Groww reported consolidated revenue from operations rose 47% to 15.02 billion rupees for the quarter ended September 30. The growth highlights expanding retail participation in domestic financial markets despite recent regulatory headwinds in derivatives trading.
