Angel One shares hit 52-week high on 42% growth in Q2 profit

Shares of Angel One hit 52-week high on Friday, a day after the company announced the financial results for the July to September quarter. During the quarter under review, the company’s consolidated profit surged as much as 42.6% to ₹304.5 crore against ₹213.5 crore in the same period last year.

Amid the development, shares of the brokerage firm surged as much as 6.9% to hit a 52-week high of ₹2,250 apiece on the BSE. On Friday, the share opened at ₹2,198, up 4.4% as against the closing price of the previous session at ₹2,103.65. At the time of reporting, the share was trading 1.82% higher at ₹2,142. It is trading 114.1% higher than the 52-week low of ₹1,000 touched on March 1 this year.

During the session, the market capitalisation of the company stood at ₹17,691.61 crore, with more than 1.41 lakh shares exchanging hands on the BSE, as against the two-week average of 0.40 lakh shares.

In the September quarter, the company's revenue from operations stood at ₹1,047.9 crore, witnessing an increase of 40.6% year-on-year (YoY), as against ₹745.3 crore in the corresponding period of the previous year.

"We curated journeys for our clients, fostering a long-term approach to investing in equities and mutual funds. This strategic focus yielded strong adoption, solidifying our position as the second-largest player in incremental registered SIPs in India. Furthermore, we are systematically broadening our financial services offerings, with plans to close the financial lifecycle loop for our clients by distributing consumer credit products on our platform in the upcoming quarters," says Dinesh Thakkar, chairman and MD, Angel One.

The company's client base increased 47.6% year-on-year to 17.1 million during the quarter under review. The company’s gross client acquisition increased by 79.7% year-on-year (YoY) to 2.1 million. The company’s number of orders also witnessed a surge of 47.4% YoY to 338 million. The company’s share in India’s demat accounts improved by 189 bps (basis points) to 13.2%. Similarly, the company’s share in NSE (National Stock Exchange) active clients improved by 336 bps to 14.6%. The company's share in retail overall equity turnover improved by 452 bps to 26.2%.

"To further elevate the client experience, we are harnessing the power of data by building predictive models driven by deep learning of our clients' behavioural patterns. These models are integrated into our systems using AI/ML techniques to craft hyper-personalised journeys, ultimately enhancing client satisfaction and delight," says Thakkar.

Notably, the company's board has approved a second interim dividend for FY24 at the rate of ₹12.70 per share on equity shares having a face value of ₹10 per share. The record date for determining the eligibility of shareholders for this will be October 20, 2023, and the dividend will be paid on or before November 10, 2023.