- Billionbrains Garage Ventures reported 19.44% revenue growth to Rs 1,216 crore in Q3
- EBITDA increased 19.37% to Rs 720.8 crore with margin at 59.27%, slightly down from Q2
- Net profit rose 16.13% to Rs 547 crore compared to the previous quarter
Billionbrains Garage Ventures Ltd. has reported a double-digit sequential growth in revenue and profit in the third quarter of the current financial year while the company also announced the sale of Groww AMC.
The stockbroker reported a consolidated top line of Rs 1,216 crore in the October-December period, compared to Rs 1,018 crore in the preceding quarter, according to an exchange filing on Wednesday.
Groww Q3 Results (Consolidated, QoQ)
Revenue up 19.44% at Rs 1,216 crore versus Rs 1,018 crore.
EBITDA up 19.37% at Rs 720.8 crore versus Rs 603.8 crore.
EBITDA margin at 59.27% versus 59.31%.
Net profit up 16.13% at Rs 547 crore versus Rs 471 crore.
Groww also reported a bottom line of Rs 547 crore, accounting for gains of up to 16.13% compared to the previous quarter.
While profit and revenue saw sequential growth, margin saw a slight decline of three basis points to 59.27%.
Moreover, the stockbroking firm announced a stake sale in Groww AMC, shedding a stake of around 4.99% for Rs 580 crore. Groww AMC is a wholly-owned non-material subsidiary of Billionbrains Garage Ventures.
State Street Global Advisors is set to acquire the selling stake in Groww AMC.
After announcing its Q3 earnings, shares of Groww had fallen as much as 3.5% in trade on Wednesday. But it has since recovered back to Rs 164 levels.
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Earlier in the day, Citi initiated coverage on Groww with a 'buy' rating and a target price of Rs 195.
In its note, Citi has highlighted that both Groww and Angel One have gone from being a market proxy to a one-stop shop for traders, although it held pegged Angel One as the preferred pick.
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