Angel Broking surges 17% on highest-ever quarterly profit in Q2

Shares of Angel Broking rallied 17 per cent to Rs 290 on the BSE on Tuesday after the company reported highest-ever quarterly profit after tax at Rs 74.6 crore in the September quarter (Q2FY21). It had posted profit of Rs 48.3 crore in June quarter (Q1FY21).

The broking firm announced its maiden quarterly results after listing its shares earlier this month. Angel Broking had made a weak debut at the bourses on October 5, 2020. It listed at Rs 275, a 10 per cent discount against the issue price of Rs 306 per share on the BSE. The stock hit a high of Rs 296 on the listing day.

In Q2FY21, the company’s total income grew 29 per cent quarter on quarter (QoQ) at Rs 318 crore against Rs 247 crore in previous quarter. Average Daily Turnover (ADTO) has grown by 107 per cent QoQ to Rs 1,281 billion in Q2FY21, it said. Earnings before depreciation and taxes (EBDT) margin improved 629 basis points QoQ at 49.3 per cent in Q2FY21 from 43.0 per cent in Q1FY21. The asset light model backed by digital first approach has led to operating leverage benefits.

The company said it has witnessed strong net addition in client base which has grown by 59 per cent QoQ to 539,567 clients in Q2FY21 from 339,573 clients in Q1FY21.

Commenting on the performance, Dinesh Thakkar, Chairman & MD said, “Over the past 18 months, we have witnessed an exponential growth which is backed by our Digitally Powered business. With the use of technology we witnessed a multi-fold addition in clients, where 1 out of every 7 incremental demat account is opened with Angel Broking, led by seamless experience across our digital platforms.

At 10:08 am, Angel Broking was trading 15 per cent higher at Rs 286 on the BSE, as compared to 0.12 per cent gain in the S&P BSE Sensex. The trading volumes on the counter more-than-doubled with a combined 1.5 million equity shares changing hands on the NSE and BSE, so far.


Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel