Groww reports over 300% rise in net profit at Rs 297 crore in FY24: ICRA
broking platform Groww has reported a net profit of Rs 297 crore in FY24, a 300% increase from Rs 73 crore in the previous year, according to filings made with credit rating agency ICRA.
In FY24, its overall revenue more than doubled to Rs 2,899 crore, compared to Rs 1,294 crore in 2023.
The continued growth in Groww’s client base has been supporting the scale-up in its broking volumes and earnings. Despite its foray into the margin trading facility (MTF) business, which will lead to higher dependence on borrowings, Groww’s financial leverage is expected to remain comfortable, the ICRA report noted.
In FY23, the company’s revenue rose 252% from Rs 367.4 crore in the previous year. However, expenses during that period surged almost 3.5 times to Rs 1,197 crore.
In August, Groww had around 11.5 million active clients as per the National Stock Exchange data.
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