Angel One suffered its biggest intraday loss in more than 20 months on Tuesday, a day after the brokerage firm reported a mixed set of quarterly figures that included a 580 basis point drop in its margin. The stock fell as much as Rs 480.7, or 12.4 per cent, to Rs 3,394 a piece on the BSE, its worst fall since May 6, 2022.
In a post-market regulatory filing on Monday, Angel One reported a consolidated net profit of Rs 260 crore for the October-December period, an increase of 14 per cent on a year-on-year basis.
However, the company said its net profit declined 14% sequentially due to higher order growth in the cash segment, a change in intraday cash pricing structure and the fact that an acquisition More customers led to an increase in operating expenses.
Its revenue grew 41.4 per cent to Rs 1,059 crore for the fiscal third quarter, while EBITDA grew around 23 per cent to Rs 398 crore.
The company’s quarterly margin, a key measure of profitability, contracted to 37.6 percent from 43.4 percent a year ago, according to the filing.
“Angel One has always focused its efforts on offering its customers the most suitable products, transparently and efficiently, by harnessing the power of data and technology. Our digital assets are continually evolving and enriched with innovative features to ensure an unparalleled investment experience. We have undertaken process improvements to ease the onboarding experience and incorporated unique features for both new and experienced clients, thereby simplifying their investment journey on the app,” said Dinesh Thakkar, Chairman and Director general of Angel One.
The company said it acquired more than 1 million customers in a month for the first time and 2.5 million customers in a quarter, accounting for nearly a quarter of the industry’s net customer addition.
The brokerage announced an interim dividend of Rs 12.70 per share with a record date of January 23.
(This story will be updated shortly)
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