Angel Broking spurts after robust Q2 performance

Angel Broking surged 17.43% to Rs 292 after the companys consolidated net profit soared 288.30% to Rs 74.48 crore in Q2 FY21 from Rs 19.18 crore in Q2 FY20.

Oct 27, 2020 11:10 IST capital market

Total income during the quarter jumped 76.1% year-on-year (YoY) to Rs 317.92 crore. Profit before tax (PBT) surged 265% to Rs 99.53 crore in Q2 September 2020 compared with Rs 27.27 crore in Q2 September 2019. Current tax expense rose 258.6% to Rs 24.96 crore during the period under review.

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.

On NSE, we are now the 4th Largest in terms of active clients and 3rd largest in incremental addition of active clients in H1FY21. We remain confident of continuing the growth momentum in quarters to come.?

Commenting on the Q2FY21 results, Vinay Agrawal, CEO said, ?We continue to gain significant market share across all segments. Our average daily turnover (ADTO) has grown by 107% QoQ (quarter-on-quarter) to Rs 1,28,100 crore in Q2FY21. We will continue to fuel our growth through our digital first & client centric approach, thereby having a sustainable and scalable model.

Accordingly, in Q2FY21, we reported highest ever quarterly profit along with highest EBDAT margins at 49.3% reflecting clearly on the operating leverage benefits of Digital model in our business. We continue to put efforts on improving the quality of the growth in quarters to come.?

The companys board declared an interim dividend of Rs 4.15 per share. The record date is set on 3 November 2020. The dividend will be paid on and from 20 November 2020.

Angel Broking is one of the largest retail broking houses in India in terms of active clients on NSE. Its a technology-led financial services company providing broking and advisory services, margin funding, loans against shares and financial products distribution to clients.

Shares of Angel Broking were listed on the stock exchanges on 5 October 2020. The stock was listed at Rs 275, at a discount of 10.13% to the initial public offer (IPO) price of Rs 306. It lost 3.52% to close at Rs 266.15 on its listing day.

The IPO of Angel Broking was subscribed 3.94 times. The issue opened for bidding on 22 September 2020 and closed on 24 September 2020. The price band for the IPO was set at Rs 305-306 per share.

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