Angel One hits 52-week high on market share gain, 22% profit jump in Q1

Angel One’s share in NSE active client base went up with 370 basis points YoY to 14.3 percent

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Angel One share price gained over 3 percent on July 14, a day after the retail stock broking house reported a 21.6 percent year-on-year growth in consolidated net profit at Rs 220.8 crore for quarter ended June 2023.

The company also surpassed the 15 million clients’ mark and achieved its highest ever market share across retail overall equity turnover and NSE active clients.

At 9:20 am, the stock was quoting at Rs 1,803.35 on the NSE, higher by 3 percent from previous close. Along with the rally in broader markets, the stock has gained over 70 percent from its March low.

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Angel One‘s revenue for the quarter at Rs 807.5 crore grew by 18.4 percent over same period last year, while EBITDA jumped 20.2 percent to Rs 320.3 crore and margin expanded by 60 basis points to 39.7 percent in Q1 FY24.

However, topline and bottom line fell 2 percent and 17 percent respectively, on a sequential basis.

The company is slowly diversifying into various other financial services. Currently, 69 percent of gross revenue comes from broking, 18 percent from interest, 3 percent from depository, 8 percent from ancillary and 1 percent other income.

The company’s share in NSE active client base went up with 370 basis points YoY to 14.3 percent. Total client base jumped 44.7 percent YoY to 15.1 million and average daily turnover grew a whopping 141.8 percent YoY to Rs 22.7 lakh crore.

Also Read: Market ‘illogical’ about broking stocks; F&O traders will become investors at some point: Angel’s Dinesh Thakkar

As per the investor presentation, 49 percent of the new clients added were younger than 25 years of age and 89 percent came from Tier 2, 3 cities and beyond.

Commenting on this trend, Angel One’s chairman and managing director Dinesh Thakkar had said last month, “I feel today’s situation is different from the past for two reasons: regulations and access to information are much better today, and there have been major changes in terms of demographics and socioeconomics.”

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