Zerodha profit and revenue up 39% at Rs 2,907 cr and Rs 6,875 cr in FY23

Zerodha's active user base has crossed 6.4 million, CEO Nithin Kamath says maintenance and onboarding charges to continue despite high competition

Fintechs are acquiring BFSI firms for licences: Zerodha's Nithin Kamath

BS Web Team New Delhi

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Zerodha has reported a 38.5 per cent revenue growth for the financial year 2022-23 (FY23) at Rs 6,875 crore compared to the same period in the previous year at Rs 4,964 crore, according to a report by MoneyControl. The company has also reported 39 per cent profit growth at Rs 2,907 up from Rs 2,094 crore in FY22.
The firm has an active client base of 6.4 million as of August despite the stagnation in user base growth over the previous 18 months. However, there were apprehensions that the slow growth in user base may affect the topline and profits.
Its competitor Groww also crossed 6.2 million active users last week and, according to a report by the Economic Times, may surpass Zerodha's user base in the coming months. Despite this, Zerodha CEO Nithin Kamath is proud of the fact that his client base holds over Rs 3 trillion worth of securities in their demat accounts, according to a blog post written by the CEO. He adds that despite the growing competition, the firm will continue to charge onboarding and maintenance from its users.
In his post, Kamath also adds that the lesson on investing is that markets are random and "experts can't predict market movements."
Kamath also stated that the Zerodha team is working on creating more content on trading and investment on their YouTube channel. Moreover, while market activity and regulatory changes are constant sources of risk in the broking industry, they are proud to be "playing a role in the financialisation of India."

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First Published: Sep 26 2023 | 6:36 PM IST

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