 "Angel One")
Shares of Angel One hit a fresh record high of Rs 3,246 apiece on the BSE, advancing 10.3 per cent in Wednesday's intraday trade, after the stock broker shared a robust business performance for November.
Angel One's client base grew 51.3 per cent year-on-year (Y-o-Y) to 18.45 million from 12.19 million. On a month-on-month (M-o-M) basis, it was an increase of 3.8 per cent from 17.78 million clients in October.
Further, its gross client acquisition more-than-doubled to 0.68 million, up 113.7 per cent Y-o-Y growth over 0.32 million.
At 2:24 PM, Angel One as ruling 8 per cent higher at Rs 3,184.35 per share as against a 0.54 per cent rise in the benchmark S&P BSE Sensex. A combined 2.94 million shares have changed hands on the BSE and NSE till the time of writing of this report.
Angel One said its number of orders rose to 107.2 million, up 51.4 per cent Y-o-Y and 1.2 per cent M-o-M with average daily order standing at 5.36 million (up 59 per cent Y-o-Y).
The number of unique mutual fund SIPs registered on Angel One, meanwhile, soared 1,383.7 per cent Y-o-Y to 281,000 from 19,000, and 20.1 per cent M-o-M from 234,800.
Angel One's average daily turnover (ADTO) jumped 165 per cent Y-o-Y to Rs 3.44 trillion from Rs 1.30 trillion, and 9 per cent M-o-M from Rs 3.15 trillion.
F&O turnover rose 169.3 per cent Y-o-Y/9.2 per cent M-o-M (Rs 3.39 trillion), Cash 33.2 per cent Y-o-Y/12.3 per cent M-o-M (Rs 5,000 crore), and Commodity 70.4 per cent Y-o-Y/down 9 per cent M-o-M to Rs 32,300 crore.
Stock market intermediaries are beneficiaries of increasing financialisation of savings in the economy and overall digitisation of capital markets. India is the third largest market globally (by volumes) in equity cash trading, and the largest market for equity derivatives volumes.
New-age digital intermediaries are leveraging the high smartphone penetration and public digital infrastructure (for eKYC) for expanding into new geographies (tier-2, tier-3 markets) and younger customer cohorts.
Meanwhile, financially, the stock broking services provider reported a strong performance in the September quarter (Q2-FY24) with 40.7 per cent year-on-year (Y-o-Y) growth in gross revenue to Rs 1,049 crore on the back of strong client accretion and growth in number of orders.
The company said it added the highest-ever clients in a quarter at 2.1 million, a growth of 59.8 per cent on quarter-on-quarter (Q-o-Q) basis with the client base standing at nearly 17.1 million, a growth of 13.3 per cent on Q-o-Q basis.
The total number of orders jumped 36.1 per cent Q-o-Q at 338 million from 249 million in Q1-FY24. Angel One's consolidated profit after tax grew 37.9 per cent Q-o-Q at Rs 304.5 crore, as against Rs 220.8 crore in the previous quarter. Overall faster growth momentum in the topline led to strong profit growth during the quarter.
"India is still a highly under penetrated market in terms of the geographical reach and wallet share across wealth, credit, and protection products. Angel One’s seamless digital offerings, along with its unparalleled digital acquisition capabilities, positions it well in the industry to garner a dominant market share," the management said during the earnings presentation.
