Newly listed Billionbrains Garage Ventures (Groww) gave the street an honest look at how regulatory tightening in the Futures & Options (F&O) space is playing out on the ground. While Groww’s consolidated net profit rose a handsome 54% YoY to ₹725 crore, its equity derivatives income dropped 14.3% sequentially due to CAS-related regulatory adjustments. What saved the quarter? India’s unstoppable IPO frenzy. Over 42 lakh users applied for IPOs through Groww during the quarter, bringing in 11 lakh brand-new transacting users.