Zerodha posts 37% rise in net profit at Rs 2,909 Cr in FY23
In addition, Zerodha allocated Rs 236 crore for Employee Stock Ownership Plan (ESOP) expenses during FY23, as against Rs 77.5 crore in FY22.
Stockbroking platform 's net profit surged 37% to Rs 2,909 crore in the fiscal year 2022-23 (FY23) compared to Rs 2,120.3 crore in the last year.
The company reported an operating revenue of Rs 6,833 crore in FY23, up 37% from Rs 4,977.3 crore last year. Fees and commission charges contributed 84% to the total operating revenue, amounting to Rs 5,727.2 crore compared to Rs 4,129 crore in FY22.
Zerodha's total income for FY23 rose 38%, reaching Rs 6,877 crore in FY23 from Rs 4,994 crore in the previous fiscal year. Simultaneously, its total expenses grew to Rs 2,993 crore in FY23 compared to Rs 2,165.1 crore in the preceding fiscal year.
According to the MCA filings, a significant chunk of expenses was related to fees and commission, amounting to Rs 2,223.4 crore in FY23, up from Rs 1,581.1 crore in FY22.
Moreover, the company’s employee benefit expenses increased to Rs 623.2 crore in FY23 from Rs 459 crore in FY22.
In addition, Zerodha allocated Rs 236 crore for Employee Stock Ownership Plan (ESOP) expenses during FY23, as against Rs 77.5 crore in FY22.
In September, Founder and CEO Nithin Kamath said that Zerodha is valued at about Rs 30,000 crore.
In a post on X (formerly Twitter), he said: "Every time our financials are out, there is a lot of speculation about Zerodha's valuation. It might sound counterintuitive for me to say it, but most assumptions, I think, are way higher than reality. This is how we have been valuing ourselves for all buybacks (founders and team) for a while now. So ~Rs 30,000 crores and not the Rs 1 lakh to Rs 2 lakh crores some folks online were guesstimating."
Established in 2010 by Nithin and Nikhil Kamath, Bengaluru-based Zerodha provides brokerage-free equity investments, retail and institutional broking, and trading in currencies and commodities. The financial services firm operates in nine cities across India.
Additionally, Zerodha is an official member of the National Stock Exchange's consultative committee, contributing to the expansion of business.
Edited by Suman Singh