Groww’s Q2 revenues drop 9.5% to Rs 1,018 crore, but net profit up 12%

Wealthtech major Groww’s operating revenue for the September quarter declined 9.5% year-on-year (YoY) to Rs 1,018 crore, but its net profit went up 12% to Rs 432 crore. The latter was due to a major tightening of its business expenses and a Rs 159 crore provision made last year (which had dragged net profits then).

The company’s revenue per broking order increased to Rs 19.8 from Rs 18 a year back. This was driven by an increase in the average order size to Rs 59,079 compared to Rs 35,502 a year prior. Stockbrokers get a percentage of the order as…