Chief executive Nithin Kamath tweeted on Sunday that Zerodha’s profit has doubled to Rs 1,000 crore in FY21.
India’s largest stockbroker Zerodha profit has managed to make their profits doubled to Rs 1,000 crore in FY21 from last year. The CEO said that these profits are shooting up due to a hike in traction around online trading and stock investments among retail investors in India.
He mentioned that Zerodha’s business model has been appealing to the eyes of customers mainly due to charging customers a “discount brokerage” or a flat fee of Rs 20, irrespective of the size of investment as opposed to a percentage commission.
He also stated that its annual profits of Rs 1,000 crore are now comparable to those of major bank brokers such as ICICI Direct and HDFC Securities.
The company has recently been in the news as Nithin and Nikhil Kamath, and Seema Patil – to draw a salary of Rs 100 crore. Nithin Kamath said that the news was “misinterpreted.” The company’s board approved an enabling resolution to allow promoters of the bootstrapped startup and the reported figure isn’t the actual salary being drawn,” Kamath tweeted.