Stock broking company 5paisa Capital on Thursday reported that its consolidated net profit rose 37% year-on-year to Rs 15.1 crore for the quarter ended December. The same stood at Rs 11 crore in the year-ago period.
Consolidated income during the reporting quarter jumped 20% year-on-year to Rs 100 crore as against Rs 83.8 crore in the corresponding quarter of last year. Profit before tax for the quarter ended December increased 37% to Rs 20.2 crore.
For nine months of FY24, revenue rose 14% year-on-year to Rs 282 crore, while profit was up 67% year-on-year to Rs 48.7 crore.
The company has scaled its client acquisition to 2.32 lakh customers in the third quarter, up 71% on a sequential basis, reaching a total customer base of 39.6 lakh.
Its total average daily turnover has gone up to Rs 3.70 lakh crore, up 80% year-on-year.
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"With all our efforts focused on increasing revenue, improving cost efficiency and on product development, we have succeeded in achieving the highest ever revenue in Q3FY24 along with solid PAT growth. We are confident of accelerating the momentum of our customer acquisitions and revenue in the coming quarters," said Narayan Gangadhar, CEO, 5paisa Capital.
The 5paisa mobile app had more than 17.4 million users at the end of the quarter with a 4.3 star rating on Playstore.
The company's board has approved the appointment of Ameya Agnihotri as its Chief Technology Officer. Agnihotri boasts of an impressive 16-year career, having worked with Paytm, Uber, Zeotap, Airpush and Pubmatic, where he held senior positions in the engineering and technology teams.
"His strong background is complemented by his academic achievements, holding Master's and Bachelor’s degrees in Computer Application from the University of Pune," 5paisa said.
On Friday, the company's shares closed flat at Rs 693.5 on NSE.