Angel One, a leading stockbroker, witnessed its most substantial intraday loss in over 20 months on Tuesday, plunging by Rs 480.7 or 12.4 percent to Rs 3,394 apiece on BSE. This sharp decline, the steepest since May 6, 2022, followed the company’s disclosure of a mixed set of quarterly financials, marked by a noteworthy 580-basis-point reduction in its margin.
In a post-market regulatory filing on Monday, Angel One revealed a consolidated net profit of Rs 260 crore for the October-December period, marking a 14 percent YoY increase. However, the net profit experienced a sequential decline of 14 percent, attributed to heightened growth in cash segment orders, alterations in the cash intraday tariff structure, and increased operational expenditure due to client acquisition.
The fiscal third-quarter revenue displayed a robust growth of 41.4 percent, reaching Rs 1,059 crore, while EBITDA witnessed a commendable 23 percent surge to Rs 398 crore.
Notably, the quarterly margin, a pivotal profitability metric, contracted to 37.6 percent from 43.4 percent a year ago, according to the regulatory filing.
Dinesh Thakkar, Chairman and Managing Director of Angel One, commented, “Angel One has always focused its efforts to offer clients the most suitable products, in a seamless and efficient manner, by harnessing the power of data and technology.” He highlighted ongoing digital enhancements for an unparalleled investing experience, process improvements, and unique features for both new and experienced clients.
Angel One achieved a significant milestone by acquiring over a million clients in a month and 2.5 million clients in a quarter for the first time, representing nearly a quarter of the net client additions in the industry.
Additionally, the broking firm announced an interim dividend of Rs 12.70 per share with a record date set for January 23.