January 12, 2024 / 08:56 AM IST
Shares of the broker have jumped more than 40 percent over the past month, rising around 43.40 percent.
Shares of 5Paisa shares will be in focus following the company's financial report revealing a modest 3 percent year-on-year rise in total income, reaching Rs 100.3 crore for the October-December quarter of the fiscal year 2023-24 (Q3FY24).
For the quarter, the brokerage firm reported a profit after tax of Rs 15.1 crore, which is higher by 37 percent YoY, but has fallen 21 percent on a sequential basis from Rs 19 crore for the quarter ended September 30.
For the nine months ended December 31, 2023, 5Paisa recorded 14 percent YoY rise in total income at Rs 281.9 crore, compared to the corresponding period a year ago. The PAT came in at Rs 48.7 crore for these nine months, up 67 percent from Rs 29.2 crore in 9MFY23.
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5Paisa recorded a customer base of 3.96 million users, with around 90 percent of its clients from tier 2 and 3 cities. During the quarter, the broking firm acquired 2.32 lakh new customers, 72 percent higher than the acquisition compared to the quarter gone by.
5Paisa's retail market share fell by 13 percent sequentially to 2.81 percent from 3.23 percent. The management highlighted that total orders of the company fell from 48.4 million in the quarter ended September to 46.6 million in Q3FY2, down 4 percent QoQ.
Additionally, the average daily turnover rose to Rs 3.69 lakh crore in Q3FY24 from Rs 3.62 lakh crore in the year-ago period.
Commenting on the results, Narayan Gangadhar, CEO, 5paisa Capital said, “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 of Rs 100.3 crore, up 20 percent YoY, along with PAT growth of 37 percent YoY. We are confident of accelerating the momentum of our customer acquisitions and revenue in the coming quarters.”
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Shares of the broker have jumped more than 40 percent over the past month, rising around 43.40 percent. In comparison, the domestic frontline index Nifty 50 has recorded gains of 3.54 percent during the same time period. On January 11, 5Paisa shares settled flat at Rs 693.5 apiece.
5paisa Capital, a discount brokerage arm of IIFL Holdings provides business of equity research, equities, commodities, trading, and investment banking services. They also deal with portfolio management services, which entails mutual fund, life insurance, fixed deposits, gold bonds and other small savings instruments.
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5Paisa reports highest ever revenue in Q3FY24, tops Rs 100 crore for first time; net profit rises 37% YoY - Moneycontrol
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