Angel One Achieves Historic High with 6.60% Surge in Shares

Angel One Achieves Historic High with 6.60% Surge in Shares
Angel One Achieves Historic High with 6.60% Surge in Shares
Angel One Achieves Historic High with 6.60% Surge in Shares
Angel One Achieves Historic High with 6.60% Surge in Shares

Angel One Achieves Historic High with 6.60% Surge in Shares

Angel One Achieves Historic High with 6.60% Surge in Shares

Angel One Achieves Historic High with 6.60% Surge in Shares

Angel One, the renowned financial services company, made headlines as its shares surged by a remarkable 6.60%, reaching a historic high of ₹2,246 per share during early trading on Friday. This impressive leap in the stock’s value was fueled by the company’s outstanding performance in the second quarter of fiscal year 2024.

Impressive Financial Results Drive Share Surge

On Thursday, Angel One reported a significant 42% increase in its consolidated net profit, with figures reaching ₹304 crore for the September-ending quarter. This marked a substantial rise from the ₹214 crore consolidated net profit reported in the same quarter of the previous fiscal year.

Moreover, the company’s total revenue from operations saw a substantial uptick, rising by 38.59% to reach ₹1,049 crore in Q2 FY24, compared to the ₹745 crore generated during the corresponding period of the previous year.

Client Base and Transactions Soar

In the second quarter of FY24, Angel One achieved a milestone by adding 2.1 million new clients, marking the highest-ever client addition in any quarter. This expansion pushed the company’s client base to 17.1 million by the end of September 2023, reflecting a 13.3% increase on a quarter-on-quarter basis and an impressive 47.6% growth year-on-year. In terms of transactions, the company processed 338 million orders in 2QFY24, a significant 47% increase compared to the previous year. The average daily turnover (ADTO) surged to ₹29.6 trillion in Q2FY24, representing a 30.3% quarter-on-quarter increase and an extraordinary 143.4% surge on a year-on-year basis.

Market Share and Dividends

Angel One’s retail turnover market share in the overall equity segment stood at 26.2% in Q2FY24, marking a 452 basis point improvement on a year-on-year basis, as reported in the company’s exchange filing. Additionally, the company’s Board of Directors recommended an interim dividend of ₹12.70 per equity share.

Strong Leadership and Growth Strategy

Dinesh Thakkar, the Chairman and Managing Director of Angel One, expressed his delight with the company’s performance, highlighting that Q2 ’24 marked a historic milestone for them, with exceptional achievements in financial and operational metrics. He emphasized the company’s unwavering commitment to enhancing the client experience as a cornerstone of their growth strategy.

Positive Industry Outlook

Domestic brokerage firm Motilal Oswal noted that Angel One is strategically positioned to benefit from the financialization of savings and digitization trends. The company’s strong performance in 2QFY24, coupled with record market highs, underscores its promising trajectory.

Solid Track Record and Continued Growth

Angel One, the largest listed retail stockbroking house in India in terms of active clients on the NSE, has consistently delivered solid returns year after year. Since its listing in 2020, the company has showcased impressive growth. In CY21, the stock yielded a multi-bagger return of 250%, and in the subsequent year, it rallied by 11%. In the current year, the stock’s positive momentum continued, with its value surging from ₹1,320 to ₹2,234, marking a significant gain of 69%.

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