Angel One (ANGELONE) Q4 20/21 earnings summary

Executive summary

• FY 2020-21 delivered record client acquisition and trading activity, with 2.4m gross additions, 4.1m clients and 1.6m NSE active clients at March 2021.

• Consolidated total income rose 72.1% YoY to ₹12,990m; continuing-operations PAT grew 243.4% to ₹2,981m, supported by higher activity and operating leverage.

• A fully digital, asset-light model, broad reach and 16.0% FY retail equity turnover share supported growth; management expects industry momentum to continue, subject to market and regulatory conditions.

Financial highlights

• Consolidated total income ₹12,990m, up 72.1% YoY; total expenses ₹8,878m, up from ₹6,359m.

• Continuing-operations PAT ₹2,981m, up 243.4% YoY; total PAT including discontinued operations ₹2,969m versus ₹823m.

• Gross broking income reached ₹9,065m, up 79.9% YoY; depository income was ₹889m, up 157.3%.

• Adjusted for discontinued operations, reported operating leverage lifted operating profit margin to 47.9% from 29.4%; FY EPS was ₹38.8.

Outlook and guidance

• Management expects positive brokerage revenue growth in FY 2021-22, supported by economic recovery, liquidity and lower interest rates.

• Market volatility, renewed COVID disruption and phased margin rules could intermittently constrain incremental volumes and growth.

• Strategic priorities include deeper Tier II/III reach, broader financial products, continued technology investment and a planned AMC for low-cost passive and rule-based products.