 "Angel One")
Indian stock brokerage firm Angel One on Monday reported a 14% rise in third-quarter profit, aided by a jump in orders and client additions.
Consolidated profit was 2.60 billion rupees ($31.38 million) for the quarter ended Dec. 31, compared with 2.28 billion rupees a year earlier, according to an exchange filing.
Total revenue for the company, which offers trading and investing services via its app, climbed more than 41% to 10.59 billion rupees.
In recent months, India's benchmark indices have logged multiple record highs, with heavy trading, especially among retail investors, resulting in growth for some of the top stock brokerage firms.
Analysts said India's equity and commodity segments saw better-than-expected trading volumes during the quarter, with Angel One being one of the biggest beneficiaries among its peers.
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The company's daily orders, on average, rose 57.3% in the December-quarter, while client acquisition surged 149.1%. Its average daily turnover soared 148.5% to 36 trillion rupees.
Stock brokers like Angel One are looking to scale up by spending more on technology and including new price packages amid rising competition from brokers such as Zerodha, Groww and Upstox.
Its board has approved a fundraise of up to 5 billion rupees through the issue of non-convertible debentures, according to the filing.
Angel One, which started as a traditional brokerage firm in 1996, held a 14% share in the number of demat accounts in India in the quarter, up 2.41% from a year earlier.
Shares of the company ended 2.12% higher ahead of its results. They had risen more than 88% in the October to December period, marking their biggest quarterly gain since June 2021.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
