Bengaluru: Groww parent Billionbrains Garage Ventures reported a 94% year-on-year jump in net profit to Rs 735 crore for the June quarter, driven by strong growth in newer businesses, including margin trading and commodity derivatives.Revenue rose 63% to Rs 1,549 crore from Rs 948 crore a year earlier, while total expenses increased 25% to Rs 556 crore.Groww’s margin trading book, which represents funds lent to customers to buy shares, more than tripled to Rs 3,775 crore during the quarter. The company also increased its retail market share in commodity derivatives to 28.6%.“The first 10 years of our journey were about giving millions of Indians access to investing and helping them manage their wealth. The next phase will move beyond being an execution platform to becoming a true wealth management company,” cofounder and CEO Lalit Keshre said during the company’s earnings call with analysts and shareholders.To diversify beyond broking, Groww has expanded its offerings to include bonds, MF Prime, its mutual fund advisory service, and W, its wealth management platform for affluent investors. Loans against securities accounted for more than a third of the company’s credit disbursements during the quarter.The company said it added 1.1 lakh net active clients on the National Stock Exchange (NSE), even as the broking industry as a whole lost around 2.57 lakh active clients. Higher customer retention helped offset slower new user additions amid weaker activity in initial public offerings and exchange-traded funds, it said.The Bengaluru-based company ended the quarter with 2.2 crore transacting users, up 24% from a year earlier. Customer assets under management grew 38% to Rs 3.6 lakh crore.
