Groww Invest Tech, which operates online stock broking giant Groww, reported a 4X year-on-year (YoY) jump in its net profit to INR 297.8 Cr in the fiscal ended March 2024 (FY24), as per information shared with credit rating agency ICRA 👇
In contrast, the company clocked a profit after tax (PAT) of INR 73.1 Cr in the the financial year 2022-23 (FY23)
As per an ICRA report, Groww Invest Tech, formerly Nextbillion Technology Private Ltd, also saw its operating revenue jump 123% to INR 2,899 Cr in the fiscal under review from INR 1,294 Cr in the year ago period.
It also said that despite the company’s recent foray into the margin trading facility (MTF) business, which “will lead to higher dependence on borrowings”, the financial leverage is expected to remain comfortable.
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Credit - Inc42 Media