BackOnline brokerage firm Zerodha's net profit surges 87% to ₹2,000 cr
The company's operating revenue of ₹4,963.7 crore in FY22, up 82 per cent over last year
PremiumIndia’s largest stock broking platform Zerodha's net profit rose by 87 per cent to ₹2,094.4 crore, according to company's filing.
Zerodha's reported an operating revenue of ₹4,963.7 crore in FY22, up 82 per cent over last year, according to VCCircle.
The Bengaluru-based company founded by Nithin Kamath and Nikhil Kamath in 2010 provides share broking services, financial services and portfolio management consultancy.
However, chief executive Nithin Kamath had warned of the slowdown in the industry in an update last month.
“We have already seen an almost 50% fall in monthly new account openings from January this year, and this trend has been similar across the industry," he said reported VCCircle
Co-founder Nikhil Kamath also said in an earlier interaction with VCCircle that investors across the board must be “circumspect" with their trades in the current market.
“While we are on track to do as much revenue and profits as last year, even this year, we think we will be unable to match the current revenues and profitability from the next financial year for a few more years," Nithin added in the note.
The company’s expenses in FY 22 grew by 72 per cent to ₹2164.1 crore in line with company’s expenses, as compared to ₹1260.2 crore in FY21.
Its employee benefit expense grew 45 percent to ₹459 crore. A large part of this was other expenses that grew 82% to ₹1686.5 crore during the year, which included an Information Technology expense of ₹303.1 crore and miscellaneous expenses of ₹1342.4 crore.
The stock broking platform claims to process orders for over 1 crore clients daily. As per its website, transactions on the stock broking platform account for about 15% of the total retail trading volumes in India. The platform’s products are divided into investments and technology offerings.
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
