Angel One’s stock witnessed an impressive surge of 6.60%, reaching an all-time high of ₹2,246 per share during early trading on Friday. This remarkable increase in the stock’s value followed the company’s robust performance in the second quarter of fiscal year 2024.
On Thursday, Angel One reported a significant 42% increase in its consolidated net profit, which reached ₹304 crore for the quarter ending in September. In the same quarter of the previous fiscal year, the company reported a consolidated net profit of ₹214 crore.
The company’s total revenue from operations also showed substantial growth, rising by 38.59% to ₹1,049 crore in Q2 FY24, compared to ₹745 crore during the corresponding period in the previous year.
During Q2 FY24, the company successfully added 2.1 million clients, marking the highest-ever client addition in any quarter. This expansion brought the company’s client base to 17.1 million as of the end of September 2023, representing a remarkable 13.3% increase on a quarter-on-quarter (QoQ) basis and a substantial 47.6% year-on-year (YoY) growth.
In terms of transactions, the number of orders reached 338 million in 2QFY24, showing a noteworthy 47% YoY increase. The company’s average daily turnover (ADTO) also experienced a significant surge, reaching ₹29.6 trillion in Q2FY24, indicating a 30.3% QoQ increase and an impressive 143.4% YoY growth.
The company’s retail turnover market share in the overall equity segment reached 26.2% in Q2FY24, representing a 452 basis point improvement on a YoY basis, according to the company’s exchange filing.
Moreover, the Board of Directors recommended an interim dividend of ₹12.70 per equity share.
Chairman and Managing Director of Angel One, Mr. Dinesh Thakkar, expressed his delight, stating, “We are delighted to announce that Q2 ’24 has marked a historic milestone for us, as we have achieved our best-ever performance across financial and operational metrics.”
He added, “Our unwavering commitment to enhancing our clients’ experience remains the cornerstone of our growth strategy. We continue to make investments in refining various journeys to ensure a seamless and superior experience.”
Domestic brokerage firm Motilal Oswal noted that the company is strategically positioned to benefit from the financialization of savings and digitization trends, and it demonstrated a strong performance in 2QFY24.
Angel One is the largest listed retail stockbroking house in India in terms of active clients on the NSE. Since its listing in 2020, the company has consistently delivered strong returns year after year. In CY21, the stock delivered a multi-bagger return of 250%, and in the following year, it rallied 11%.
In the current year, the stock’s positive momentum has continued, with its value rising from ₹1,320 to ₹2,234, marking a substantial gain of 69%.
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