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Friday, 16 October
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EconomyCompanies

Groww profit rises 54% as F&O share shrinks; BHEL profit more than doubles

The broking app's parent earned less than half its revenue from equity derivatives in July to September. BHEL and Canara Bank shares rose on their results.

From the editorial desk · BengaluruPublished
Groww logo
Groww logoPhoto: Groww / Wikimedia Commons, Public domain

Key points

  1. Groww's consolidated net profit rose 54% to ₹725.65 crore from a year earlier.
  2. BHEL's standalone profit more than doubled to ₹809.62 crore, sending its shares to a new high.
  3. Equity derivatives made up 44.8% of revenue, down from 56.9%.

Billionbrains Garage Ventures, the company behind the Groww investing app, reported a 54% jump in quarterly profit on Wednesday, while the share of its income from futures and options trading kept shrinking.

Consolidated net profit for July to September rose to ₹725.65 crore from ₹471.34 crore a year earlier. It was 1.3% lower than the ₹735.04 crore earned in April to June.

Revenue from operations rose 47% to ₹1,501.53 crore from ₹1,018.74 crore, but was flat compared with the previous quarter.

Equity derivatives brought in 44.8% of Groww’s revenue in the quarter, down from 56.9% a year earlier, as the rest of the business grew faster than futures and options broking.

BHEL and Canara Bank

State-run Bharat Heavy Electricals (BHEL) more than doubled its standalone net profit to ₹809.62 crore from ₹367.70 crore a year earlier. Revenue from operations rose 23.8% to ₹9,300 crore, and its operating margin widened to 11.02% from 7.73%. In the first half of the year BHEL earned ₹1,192 crore, against a loss of ₹87 crore a year ago.

Its shares rose as much as 5% to a new high of ₹463.10 on the BSE, above the previous peak of ₹455.90 set on 7 October. The stock has roughly doubled in a year, while the Sensex has fallen about 11% over the same period.

Canara Bank’s net profit rose 8.4% to ₹5,174.76 crore, and its gross bad loans fell to 1.33% of advances, with net bad loans at 0.3%. The stock rose as much as 5% to ₹126.47 and was the top gainer in the Nifty PSU Bank index.

The three were among 27 companies that announced September-quarter results on Wednesday.