Broker Groww’s Profit Tops Estimates After 100% Post-IPO Surge

Billionbrains Garage Ventures Ltd. reported fourth-quarter profit that was above estimates, as investors seek growth to justify a 100% jump in the stock since its initial public offering — a surge that has made it the world’s most expensive brokerage.

Net income more than doubled to 6.86 billion rupees ($74 million) in the three months ended March from a year ago, versus analysts’ estimate of 6.6 billion rupees. However, the company’s shares fell 1.1% after the earnings release on Monday, erasing gains of as much as 3.6%.