Groww Q2 profit rises 12 pc to Rs 471 cr; revenue drops

New Delhi, Nov 21 (PTI) Billionbrains Garage Ventures, the parent company of stock broking platform Groww, on Friday reported a 12 per cent year-on-year growth in its consolidated net profit to Rs 471.33 crore in the September quarter, driven by expanding user base and strong asset growth.

Headquartered in Bengaluru, the company had posted a net profit of Rs 420.16 crore in the July-September quarter of the preceding fiscal (FY25).

The broking firm's revenue from operations declined to Rs 1,018.74 crore in the quarter under review, from Rs 1,125.4 crore in the three months ended September 30, 2024, Groww, which released its first quarterly results after listing on stock markets earlier this month, said in a stock exchange filing.

Groww said its total transacting users rose to 19 million, marking a 27 per cent year-on-year increase.

Further, customer assets surged 33 per cent year-on-year to Rs 2.7 lakh crore, driven by resilient flows in both mutual funds and equities.

On November 12, Groww made a remarkable debut, closing with a premium of nearly 31 per cent against the issue price of Rs 100.

The company's initial public offering (IPO) comprised a fresh issue of equity shares worth Rs 1,060 crore along with an Offer for Sale (OFS) component of 55.72 crore equity shares.

The company, which is backed by marquee investors such as Peak XV, Tiger Capital, and Microsoft CEO Satya Nadella, would use proceeds from the IPO to invest in technology development and business expansion.

Founded in 2016, Groww emerged as India's largest stockbroker, with over 26 per cent market share.

Shares of Billionbrains Garage Ventures settled for the day higher by 0.84 per cent, at Rs 157.93 apiece on the BSE. PTI SP DRR