5paisa Capital reported a 60 percent decline in net profit to Rs 5.5 crore in the quarter ending in March 2024 while its revenue went up by 24 percent to Rs 112.9 crore in the result after market hours.
Rising expenses due to higher employee costs hurt the company’s profits. Total expenses came at Rs 105.26 crore in the quarter against Rs 72.24 crore in the previous year. Employee benefit expenses also rose to Rs 31.88 crore from Rs 15.37 crore in the previous year.
Narayan Gangadhar, CEO, 5paisa Capital said “ Our Q4FY24 profitability was impacted due to grant of ESOPs for acquiring and retaining top talent”.
The company acquired 2.67 lakh customers in the quarter, up by 15 percent QoQ. However, its retail market share went down 16 percent sequentially to 2.36 percent. Its total customer base reached 42.32 lakh up by 6.73 percent sequentially.
5paisa Capital is a discount brokerage arm of IIFL Holdings. The company provides equity research, equities, commodities, trading services.
Share price of 5paisa Capital surged 4.08 percent to Rs 578.50 on NSE ahead of the results.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
