Upstox declares FY23 profit with a 44% increase in brokerage income

Upstox declares FY23 profit with a 44% increase in brokerage income

Upstox declares FY23 profit with a 44% increase in brokerage income

Upstox said that it generated over Rs 200 crore in operational cash in the last two quarters of FY24, which ended in December 2023.

According to the corporation, its EBITDA exceeded Rs 200 crore throughout the year.

On January 17, discount broker Upstox revealed that its FY23 results showed a combined net profit of Rs 25 crore, compared to a loss of Rs 445 crore. For the first time, the business reported that its brokerage revenue increased by 44% in FY2013 to exceed Rs 1,000 crore.

According to the corporation, its EBITDA exceeded Rs 200 crore throughout the year.

According to Upstox CEO as well as co-founder Ravi Kumar, "Our journey towards profitability represents our strong commitment to helping India get 'invest right'." Our goal is to develop into a successful business that is led by this idea. The benchmark for the sector in terms of security, stability, speed, ease of use, and safety."

In addition, 2023 was its third year in a row as the official sponsor of both the ICC World Cup and the Indian Premier League (IPL). The firm claimed that these collaborations and the activations that followed greatly contributed to the brand's remarkable 95% rise in visibility.

Upstox said that it generated over Rs 200 crore in operational cash in the last two quarters of FY24, which ended in December 2023.

More than 1.3 crore Indians are served by Upstox, with a substantial share of millennials and investors from tier 2 and 3 cities among its clientele. Investors such as Tiger Global and Ratan Tata support the firm.