5Paisa nearly doubles net profit in Q1, stock surges 4%

In December 2022, 5Paisa had announced its decision to merge IIFL Securities’ online retail trading business with itself

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5Paisa Capital share price gained over 4 percent on July 13 after the company reported 96 percent year-on-year jump in its consolidated net profit for the quarter ended June 2023.

The company’s bottom line rose to Rs 14.5 crore in Q1 FY24 from Rs 7.4 crore in Q1 FY23. However, the company’s revenue grew marginally by 0.6 percent YoY to Rs 84.5 crore. So, the bottom line boost has come from 11 percent YoY fall in expenses.

The broker on-boarded more than 1.08 lakh new clients during the quarter, taking the total number of registered customers to 3.6 million. “The 5paisa Mobile App had more than 15.7 million downloads at the end of the quarter with a 4.3 Star rating on Playstore,” the company said in an exchange filing.

At 9:30 am, 5Paisa stock was quoting at Rs 431.70 on the NSE, higher by 3.17 percent from previous close. Trading volume at 211,437 was double of 20-day average of 128,574.

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In Q1 FY24, India benchmark indices climbed to their all-time high which helped the company’s financial performance.

“We are glad to report strong growth in our retail ADTO segment. Our overall ADTO for Q1 FY24 stands at Rs 2.84 trillion, a 17.9 percent jump versus Rs 2.41 trillion in Q4 FY23 along with improvement in market share,” Narayan Gangadhar, CEO, 5paisa Capital said.

ADTO stands for average daily turnover.

As per the investor presentation, the discount broking firm’s cost-to-income ratio fell to 77 percent from 88 percent a year-ago. Net profit margin at 17 percent was the highest-ever in any quarter, it added. Meanwhile, average client funding book size fell to Rs 224 crore from Rs 287 crore in the previous quarter.

In December 2022, 5Paisa had announced its decision to merge IIFL Securities’ online retail trading business with itself. The reorganisation between the two IIFL Group entities aims to consolidate the online retail trading businesses under one single entity. This means 5Paisa is set to get 15 lakh retail customers of IIFL Securities.

The company is still awaiting SEBI approval on the same, and then it has to knock on NCLT’s doors.

The stock has gained over 20 percent in the past one month. It is trading above all its major moving averages.

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