February 18, 2024
Angel One's Stock Faces Decline After Q3 FY24 Earnings
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Angel One’s Stock Faces Decline After Q3 FY24 Earnings

Angel One’s Stock Faces Decline After Q3 FY24 Earnings/Bloomberg

Angel One’s Stock Faces Decline After Q3 FY24 Earnings

Angel One experienced a significant drop in its stock value early on Tuesday following the release of its Q3 FY24 financial results on Monday post-market hours. The company reported a net profit of ₹260 crore in Q3FY24, reflecting a 14.50% quarter-on-quarter (QoQ) decrease but showing a positive 14% year-on-year (YoY) improvement.

Despite a positive performance, with total revenue from operations reaching ₹1,059 crore, a 1% QoQ increase, and a substantial 41% YoY growth, the company’s shares saw a decline. Angel One achieved its highest-ever client addition during the quarter, welcoming 2.5 million clients, resulting in a client base of 19.5 million as of December 2023, marking a 14% increase QoQ and a robust 55% growth YoY.

The company attributed its success to process improvements, enhancing the onboarding experience, and introducing unique features for both new and experienced clients. These efforts contributed to sustained improvement in Net Promoter Score (NPS), Playstore, and Appstore rankings.

Despite these achievements, Angel One’s shares started Tuesday’s trade at ₹3,500 apiece, reflecting a 9.60% decrease from the previous closing price of ₹3,875. The stock further declined, reaching a two-week low of ₹3,392 apiece, reflecting a notable 12.5% decrease.

However, Angel One shares have delivered strong returns since listing in 2020, with a multi-bagger return of 250% in CY21, an 11% rally in CY22, a 166% gain in CY23, and a 1.50% increase in the current month so far.

As of 10:15 am, the stock was trading with a 12.30% drop at ₹3,409 apiece.

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