New Delhi, Sep 26 (IANS) Leading stock broker Zerodha on Tuesday reported a revenue of Rs 6,875 crore and profit at Rs 2,907 crore for the financial year 2022-23 (FY23), representing a 38.5 per cent and 39 per cent growth in revenue and profit, respectively, as compared to the previous financial year.
In FY22, the company had reported a revenue of Rs 4,964 crore and a profit of Rs 2,094 crore.
In a blogpost, Zerodha's Co-founder and CEO Nithin Kamath said that despite fierce competition from newer discount brokerage firms, the company will maintain onboarding and maintenance fees.
"Trading the markets is a serious business with serious risks involved. Collecting an account opening fee right at the start also, in a way, helps set this expectation with a potential customer, filtering out users who may not be serious about trading or investing with us," Kamath said.
This is the highest profit figure for a technology startup and bigger than its nearest competitor, discount broker Angel One, which reported a consolidated revenue of Rs 3,021 crore and a net profit of Rs 1,192 crore for FY23.
Additionally, Zerodha acknowledged that the business has plateaued for the company during the current fiscal.
"There’s still phenomenal interest in the markets, especially in futures and options. This has been the primary reason for the increase in revenue and profitability over the last three years. We continued to see phenomenal growth even in FY 22/23. That said, the business has plateaued in terms of revenue and profitability this financial year until now," Kamath mentioned.
Meanwhile, recent reports said that Kamath is contributing Rs 100 crore in a funding round of Rs 550 crore, which is set to be secured by India's leading omnichannel jewellery retailer Bluestone.
