KOTAK SECURITIES ON GROWW ; UNDERWEIGHT | TP ₹245

• Earnings surprise was led by diversified revenue drivers and lower costs. • CAS continues to weigh on derivatives broking. • MTF and commodities are helping offset the pressure. • Platform metrics remain strong and continue to reinforce conviction. • Kotak highlights Groww’s increasing revenue diversification as a key strength.

L K P SECURITIES LTD.

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