Overall income stood at Rs 4,964 crore for FY22. Expenses grew by almost 72% to Rs 2,164 crore in FY22, from Rs 1,260.1 crore in FY21.
ET was the first to
report on April 19 last year that Zerodha was expected to show significant increase in revenue and profit as many new users came on board the brokerage platform owing to several initial public offerings (IPOs) which took place in 2022.
In an interview with ET then, Zerodha founder and chief executive Nithin Kamath had said that the
company posted an almost 60% year-on-year jump in both its unaudited profits and revenue for 2021-22 at around Rs 1,800 crore and Rs 4,300 crore, respectively.
“Last two years have been an outlier for trading companies. Trading volumes have peaked, but this is a very cyclical business,” Kamath told ET last April.
The company, he had said, was bracing itself for a downturn with the slowdown in public markets.
Discover the stories of your interest
“We might probably see growth slowing down in the next 3-6 months. I don’t see any companies going for an IPO in the next 3-6 months too, maybe apart from the LIC IPO,” he had said.
In a similar advisory, Kamath said in a company blog post last December that the brokerage platform had “already seen an almost 50% fall in monthly new account openings from January this year, and this trend has been similar across the industry”.
Further, Kamath said that while the company was on track to do as much revenue and profits in FY23 as last year (FY22), it will still be unable to match these metrics in the upcoming financial years.
“This is not just because we see a dip in new account openings and a drop in the bull market momentum, but also because we think we have temporarily hit a plateau in terms of the target market, customers who have sufficient savings to invest in the markets and an ability to generate revenue for the brokerage firm,”
Kamath said in the blog post.
