Angel One spurts on 30% profit growth but slowing activation rate remains a concern

In Q4, Angel One’s gross client acquisitions stood at 1.3 million, up 31 percent sequentially but down 12 percent YoY

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Angel One shares opened 5 percent higher on April 18 as the retail stock broking house continued its strong quarterly performance, recording a 30.4 percent year-on-year (YoY) growth in consolidated profit at Rs 267 crore in the March quarter of the financial year 2022-23.

Both topline and operating performance were strong. Consolidated revenue at Rs 825.7 crore grew 21.3 percent, while on the operating front, EBITDA increased 30 percent YoY to Rs 385 crore. EBITDA is short for earnings before interest, taxes, depreciation and amortisation.

At 9.30 am, Angel One‘s share price was quoting at Rs 1,334.30 on the National Stock Exchange, up 4 percent from the previous close. The stock has gained more than 23 percent over the past month.

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That said, it did take a beating last year, as was the trend with all broking stocks when the retail frenzy subsided. Angel One shares are down close to 40 percent from their all-time high.

In Q4, the company’s gross client acquisitions stood at 1.3 million, 31 percent higher sequentially but down 12 percent YoY.

Volatility in the equity market also led to a decline in the active client ratio to 31.2 percent in Q4 from 33.6 percent in the December quarter. Active client ratio indicates the number of clients trading regularly.

While F&O and commodity market share improved, Angel One’s cash market share declined to 12 percent from 13 percent in the previous quarter.

“Angel One’s client addition trajectory and activation rate have slowed down. We look to review our estimates and target price after the concall,” Motilal Oswal Financial Services said in a note.

In March, ICICI Securities flagged CEO Narayan Gangadhar’s exit and reduced float income from the blocking of funds, as key risks for the stock.

The Securities and Exchange Board of India (SEBI) has allowed the use of ASBA (Application Supported By Blocked Amount) in secondary markets. This means brokers cannot earn interest on “float” or the money lying idle in trading accounts.

ICICI Securities reduced its target price from Rs 1,980 to Rs 1,420 on the stock.

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