Indian brokerage Groww posts higher profit as customer rises
Indian brokerage Groww posts higher profit as customer rises Oct 14 (Reuters) - Groww's parent Billionbrains Garage Ventures BILO.NS reported a 54% rise in second-quarter profit on Wednesday as the Indian online brokerage added more customers.
Consolidated net profit rose to 7.26 billion rupees ($76.38 million) for the quarter ended September 30 from 4.71 billion rupees a year earlier.
Its revenue from operations rose 47% to 15.02 billion rupees, helped by a 27% growth in total transacting users.
However, on a quarter-on-quarter basis, revenue was flat, while profit declined 1.3%, largely due to the impact of the closing auction session (CAS) on the derivatives segment, Groww said.
Introduced in August, CAS is a mechanism to determine a stock's closing price by matching buy and sell orders at the end of the trading day, replacing the previous method of using volume weighted average price from the last 30 minutes of trading.
($1 = 95.0450 Indian rupees)
(Reporting by Nishit Navin in Bengaluru; Editing by Sonia Cheema)
((Nishit.Navin@thomsonreuters.com;))
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Brief: Groww Q2 Consol Net Profit 7.26 Billion Rupees