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Motilal Oswal Report
Billionbrains Garage Ventures Ltd., the parent of online investment platform Groww, reported a strong set of earnings for the June quarter, prompting Motilal Oswal Financial Services to reiterate its 'Buy' rating and raise its target price to Rs 250 from current levels, implying an upside of about 16% from the brokerage's reference price of Rs 216.
Groww reported operating revenue of Rs 1,500 crore, up 66% YoY, broadly in line with estimates. Net profit came in at Rs 735 crore, rising 94% YoY and beating the brokerage's estimates by around 12%. Ebitda more than doubled to Rs 970 crore, with the Ebitda margin expanding to 64.6% from 53.4% a year ago.
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