Angel One (ANGELONE) Q4 18/19 earnings summary

Executive summary

• FY19 standalone revenue rose to ₹7,621.97m from ₹7,522.61m, while PBT fell to ₹1,217.45m from ₹1,489.75m, mainly due to higher client acquisition spending.

• Retail activity strengthened: average daily turnover increased and cash and commodity retail market share improved; ranked 7th for NSE active clients and 1st among independent full-service brokers.

Financial highlights

• Standalone total revenue was ₹7,621.97m vs ₹7,522.61m; total expenditure rose to ₹5,636.88m from ₹5,020.85m.

• Standalone PAT declined to ₹786.17m from ₹1,018.50m; consolidated revenue was ₹7,900.51m vs ₹7,843.89m and consolidated PAT was ₹829.59m vs ₹1,079.29m.

• Consolidated PBT was ₹1,287.66m vs ₹1,586.94m; finance costs fell to ₹678.97m from ₹946.90m, while total expenditure increased to ₹5,797.71m from ₹5,164.76m.

Segment performance

• Consolidated FY19 segment revenue: broking and related services ₹7,69,91,75,266; finance and investing ₹13,91,60,201; health and allied fitness ₹6,08,27,015.

• Broking and related services covered brokerage, advisory, distribution, margin trading and other fee-based services; finance and investing covered financing and investment income.