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Dhan swings to profit in FY24 with gross revenue of Rs 380 crore, up 600% year-on-year

Economic TimesEconomic Times · 1y ago
Dhan swings to profit in FY24 with gross revenue of Rs 380 crore, up 600% year-on-year
Medial

- Stock broking startup Raise Financial Services (Dhan) has reported gross revenues of Rs 380 crore for 2023-24, up 600% from the previous year. - Dhan reported a net profit of Rs 155 crore compared to a net loss of Rs 22 crore in the previous fiscal. - The company expects a 25-30% impact on its gross revenue due to recent regulatory actions on the futures and options market. - Dhan has about 740,000 active traders, making it one of the top 10 stock brokers in India in terms of active traders. - The company is in talks with potential investors to raise fresh venture funding and plans to go public in the next three to five years. - Other discount brokers like Zerodha and Groww have also performed well, with Zerodha reporting a 61% YoY jump in net profit and Groww reporting a net profit of Rs 297 crore in its broking business for the fiscal.

Zerodha cash reserve stands at Rs 22,679 Cr in FY25

EntrackrEntrackr · 17d ago
Zerodha cash reserve stands at Rs 22,679 Cr in FY25
Medial

**Zerodha cash reserve stands at Rs 22,679 Cr in FY25** Zerodha’s revenue from operations decreased to Rs 8,847 crore in FY25 from Rs 9,993 crore in FY24, according to its consolidated financial statements sourced from the Registrar of Companies (RoC). The stockbroking industry saw a slowdown in FY25 as trading volumes dipped, new investor additions eased, and tighter SEBI regulations kicked in. Most brokerages felt the heat, with revenues coming under pressure. According to the latest National Stock Exchange data, Zerodha has 7.26 million users and holds a 15.8% market share. Brokerage income continues to be its primary revenue stream, while investment management fees, software services, and interest income also contribute to its overall operating revenue. On the cost front, Zerodha spent Rs 539 crore on salaries in FY25, up 31% from Rs 410 crore in FY24. Notably, directors Nithin Kamath, Nikhil Kamath, and Seema Patil collectively withdrew Rs 228 crore in remuneration, with Rs 96 crore each paid to Nithin and Nikhil, and Rs 36 crore to Seema. Other major expenses included Rs 2,328 crore on fees and commissions, Rs 96 crore on professional and technical services, and Rs 47 crore on advertising. Overall, the company’s total costs rose to Rs 3,238 crore in FY25, up from Rs 3,119 crore in FY24. With scale declining 11%, Zerodha’s profits fell 22.9% to Rs 4,237 crore in FY25 from Rs 5,496 crore in FY24. Despite the drop, the company still paid Rs 1,395 crore in taxes during the year. Its ROCE and EBITDA margins also softened and recorded at 32% and 63.78% respectively. Most notably, Zerodha continues to maintain an exceptionally strong balance sheet, sitting on cash and bank balances of Rs 22,679 crore ($2.5 billion) as of FY25. Its total current assets stood at Rs 35,719 crore ($4.2 billion), representing the company’s conservative, debt-free approach and strong liquidity even in a softer year. Even with a dip in scale and profits, Zerodha’s numbers reinforce the strength of its bootstrapped, cash-heavy model. The firm remains one of the most profitable outfits in the broking ecosystem, giving it enough cushion to ride out regulatory shifts and cooling market sentiment.

Ather overtakes Ola Electric with Rs 899 Cr revenue in Q2 FY26

EntrackrEntrackr · 27d ago
Ather overtakes Ola Electric with Rs 899 Cr revenue in Q2 FY26
Medial

Electric two-wheeler maker Ather Energy has announced its financial results for the second quarter of the ongoing financial year FY26. The company reported a 54% year-on-year jump in its operating revenue compared to Q2 FY25. The Bengaluru-based firm has surpassed its competitor Ola Electric in terms of revenue. Ather’s revenue from operations increased by 54% to Rs 899 crore in Q2 FY26, from Rs 583 crore in Q2 FY25, according to its quarterly report sourced from the National Stock Exchange (NSE). On a half-yearly basis, the company’s revenue increased by 64% to Rs 1,543 crore in H1 FY26 from Rs 944 crore in H1 FY25. Ather’s cost of materials, primarily steered by battery and component procurement, made up the largest share of its expenditure. This cost increased by 50% to Rs 730 crore in Q2 FY26 from Rs 485 crore in the same period last year, accounting for over 67% of the total expenses during the quarter. Employee benefit expenses remained flat at Rs 114 crore in Q2 FY26 compared to Rs 110 crore in Q2 FY25. Depreciation and amortization cost too remained flat at Rs 43 crore in the same period. Overall, Ather’s total expenditure grew 38% to Rs 1,095 crore in Q2 FY26, up from Rs 796 crore in Q2 FY25. As a result, the company’s net losses reduced by 20% to Rs 157 crore in Q2 FY26 from Rs 197 crore in Q2 FY25. In terms of EV sales, Ather Energy retained its third position in October, rebounding from flat growth in September to post a robust 53% increase with 28,061 registrations, capturing a strong 19.53% market share. The company also surpassed Ola Electric in terms of market capitalization. Ather’s competitor Ola Electric’s topline shrank by nearly 46% year-on-year to Rs 660 crore during the second quarter of FY26. The Bengaluru-based firm managed to control its losses by 16% in the same period. At the end of today’s trading session, Ather Energy’s share price was trading at Rs 624 per share. The company’s market capitalization stood at Rs 23,751 crore ($2.5 billion).

Zerodha Capital clocks Rs 12.5 Cr profit in FY25

EntrackrEntrackr · 6m ago
Zerodha Capital clocks Rs 12.5 Cr profit in FY25
Medial

Zerodha Capital clocks Rs 12.5 Cr profit in FY25 Zerodha Capital, the lending arm of stockbroker Zerodha, posted a net profit of Rs 12.5 crore in the previous fiscal year ending March 2025 from Rs 7.2 crore in FY24. According to an ET report, the firm doubled its income to Rs 36 crore in FY25 from Rs 17 crore in FY24. As per ICRA, this rise in profit was driven by a 3.2X jump in its loan book, which grew to Rs 381 crore in the first nine months of the last fiscal year or 9M FY25. Zerodha Capital provides loans to retail investors by using their stocks or mutual funds as collateral. It runs with a small team and uses the strength of Zerodha’s broking business, which has 81 lakh (8.1 million) active clients on NSE—about 16% of the market. The platform uses this wide customer base to offer loans of up to Rs 1 crore by taking shares or mutual funds as security, lending up to 45% of their value. Most of this is done through digital platforms. Zerodha Capital’s net worth stood at Rs 170 crore with a gearing ratio of 1.4X as of December 2024, which means the company had Rs 1.40 in debt for every Rs 1.00 of its own equity, according to the ICRA. The promoter group is also planning to infuse Rs 125 crore via compulsorily convertible preference shares to support future growth. Notably, Zerodha Capital has nil NPAs since its inception. ICRA has kept Zerodha Capital’s credit rating steady at AA- (Stable)/A1+ and gave the same high rating to its new Rs 100 crore short-term borrowing plan. While ICRA pointed out that the company is still small and relies on a limited set of lenders, it was reassured by Zerodha Capital’s strong backing from the Zerodha Group and its careful approach to lending. Founded in 2021, Zerodha Capital aims to deepen its credit play within the securities ecosystem. However, its future performance remains tethered to market sentiment and regulatory shifts, especially as retail F&O activity—the group’s mainstay—faces tightening norms. Zerodha Capital’s parent company, Zerodha Broking Limited, has reported a net profit of Rs 5,496 crore in FY24, with a return on net worth of 56% during the same period.

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