New Delhi: Nithin Kamath, who runs Zerodha, along with his brother Nikhil Kamath, on Wednesday released the 2023-24 financial report of the company and mentioned that Zerodha shareholders are ‘sitting on over Rs 1 lakh crore of unrealised gains’.
Taking to X, Nithin Kamath declared that Zerodha’s profit jumped 62 per cent to Rs 4,700 crore in FY24, while the revenue appreciated 21 per cent to Rs 8,320 crore in the previous financial year.
Nithin Kamath said Zerodha earned Rs 4700 crore of profits and described his firm as the safest among all the brokers not only in India but in the world.
“Our customers hold over Rs 5.66 lakh crores with us (in their demats) and are sitting on over Rs 1 lakh crore of unrealized gains. Rs 4700 crore of profits. Our networth is over 40% of customer funds, which makes us among the safest brokers, not just in India but in the world,” Kamath posted on X.
Kamath also stated that Zerodha is preparing for a significant revenue decline later this year due to upcoming regulatory changes.
Nithin Kamath also touched upon the issue of recent regulatory changes. “As I alluded to in the beginning, many of the regulatory changes we were anticipating have come to pass. The True to Label circular, SEBI consultation paper on index derivatives, STT going up, annual maintenance charges impacted due to increased BSDA limits, and hit to our partner/referral business,” he wrote.
He also raised concerns over the growing competition in the broking space and the volatility of stock market. “Along with this, there’s never been more competition in the broking space. Then there’s the ever-present threat of markets going down. This perfect storm means big hits to the business. The best for the Indian broking industry may well be behind us,” Nithin Kamath further stated.
Nithin Kamath said Zerodha shareholders are ‘sitting on over Rs 1 lakh crore of unrealised gains’. Kamath also stated that Zerodha is bracing for big revenue hit. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
