Billionbrains Garage Ventures (GROWW) investor relations material

Executive summary

• Consolidated Q2 revenue from operations was ₹1,501.53 crore and profit was ₹724.70 crore; H1 revenue was ₹3,002.95 crore and profit was ₹1,459.74 crore.

• Standalone Q2 revenue was ₹917.56 crore and profit was ₹591.76 crore, including an ₹81.10 crore gain on sale of an investment in a subsidiary.

• Cost to Grow fell without the prior quarter’s IPL branding expense; Cost to Serve rose on AI, compute, trading-day and one-time operational costs. MTF and product expansion continued.

Financial highlights

• Consolidated Q2 revenue from operations rose to ₹1,501.53 crore from ₹1,018.74 crore; H1 revenue was ₹3,002.95 crore versus ₹1,923.14 crore.

• Consolidated Q2 profit was ₹724.70 crore versus ₹471.34 crore; H1 profit was ₹1,459.74 crore versus ₹849.69 crore.

• Standalone Q2 total income was ₹1,111.80 crore versus ₹756.19 crore; H1 total income was ₹2,165.49 crore versus ₹1,420.97 crore.

• Standalone Q2 profit was ₹591.76 crore versus ₹354.03 crore; H1 profit was ₹1,146.90 crore versus ₹659.93 crore.

• Cost to Operate was flat QoQ; employee expenses were ₹159 crore versus ₹182 crore in Q1 and ₹173 crore in Q4, with structural costs expected to rise as hiring resumes.

Outlook and guidance

• Cost to Grow spend is typically ₹400–500 crore annually and may exceed ₹500 crore in a good market; the roughly ₹125 crore quarterly average can vary with conditions and demand.

• MTF book additions averaged ₹600–700 crore per quarter, with management expecting growth to continue; daily and quarterly balances can fluctuate with stocks and market activity.

• CAS-related volume normalization is expected from the effective date of SEBI’s final circular; timing and pace depend on implementation, with normalization rather than incremental growth anticipated.

• Long-term cash and derivatives market share is expected to grow YoY as customers mature and product usage expands, though quarterly progress may be uneven.