Angel One Reports Robust Q3 Growth with 14% Rise in Net Profit Amidst Increasing Orders; Share Price Reflects Significant Yearly Gains

Before Market Opens
17 January, 2024

Angel One, an Indian stock brokerage firm, reported its financial results for the third quarter of 2024. The company experienced a 14% rise in its consolidated net profit for the October-December period compared to the same period in the previous year. The net profit amounted to ₹260 crore (approximately $31.38 million), driven by an increase in orders and client additions. However, the net profit decreased by 14% sequentially due to higher growth in cash segment orders, a modification in cash intraday tariff structure, and higher operating expenses (opex) associated with client acquisition.

Total revenue for Angel One grew by 41.4% to ₹1,059 crore for the fiscal third quarter, and EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) increased by about 23% to ₹398 crore. However, the company’s quarterly margin, a key measure of profitability, contracted to 37.6% compared to 43.4% a year ago.

Regarding the share price of Angel One, as of January 16, 2024, the stock was trading at ₹3,329.90 per share. The stock had shown significant growth over the past year, with a one-year return of 194.51%. However, it’s important to note that the company’s stock also experienced some volatility, as indicated by the 52-weeks volatility rate of 87%. Despite this, in the last three months, Angel One’s stock price increased by 88.2%.

The company, formerly known as Angel Broking Limited, was incorporated in August 1996 and is one of the largest independent full-service retail broking houses in India. It provides a range of financial services, including stock, currency, and commodity broking, margin trading facility, depository services, portfolio management services (PMS), and distribution of mutual funds and insurance.

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