Multibagger Angel One shares jumps 7% after company’s client base rose 63.3% in May
Angel One's shares surged by 7% to ₹2,404 in today's trade after positive investor reaction to May's business update. The company's client base increased by 63.3% to 23.83 million, with transactions rising by 75.2% YoY in May 2024.
Angel One shares surged by 6% during early morning trade today, reaching ₹2296 apiece, following a positive response from investors to the company's May business update.
The update revealed a substantial increase in the company's client base, which soared to 23.83 million in May 2024 from 14.59 million in May 2023, marking a remarkable surge of 63.3%.
In terms of transaction volume, Angel One processed 158.72 million orders in May 2024, representing a substantial year-on-year increase of 75.2%. Additionally, the company witnessed a significant jump in its average daily orders, which climbed to 7.56 million in May, reflecting an 83.5% year-on-year surge.
The update also highlighted a substantial rise in new mutual fund SIP registrations, which surged by an impressive 287.7% to 4.73 lakh in May. Moreover, Angel One's average daily turnover (ADTO) saw a robust 98.8% year-on-year improvement in May.
In the recent March quarter, the company reported a noteworthy net profit of ₹340 crore, reflecting a 31% quarter-on-quarter increase and a solid 27.3% year-on-year improvement. Furthermore, its total revenue from operations for Q4FY24 witnessed a significant 28% quarter-on-quarter growth and a 64.28% year-on-year surge, reaching ₹1,357 crore.
During the quarter, Angel One achieved its highest-ever client addition, welcoming 2.9 million new clients. The company also strengthened its position in the retail turnover market share, securing 18% in Q4FY24, marking an 83-basis point improvement quarter-on-quarter, as outlined in its exchange filing.
Angel One is a technology-driven financial services firm offering brokerage and advisory services, margin funding, loans against shares, and distribution of third-party financial products to its clientele.
Renowned as the largest retail stock broking house in India in terms of active clients on the NSE, Angel One is strategically positioned amidst India's ongoing financialization of savings—a multi-decadal trend currently in its nascent stages.
Over the coming years, India is poised to evolve into an investor-centric nation, characterized by a diverse array of sophisticated financial instruments, robust capital markets, and progressive regulatory frameworks.
In addition to its strategic positioning, Angel One has demonstrated robust performance in recent years. The company's shares concluded CY23 with a remarkable multibagger return of 166%.
Achieving a new all-time high of ₹3896 per share in January, the stock nearly reached the ₹4000 milestone before experiencing profit booking, resulting in a subsequent decline of 40% from its peak.
Disclaimer: We advise investors to check with certified experts before taking any investment decisions.
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