Angel One (ANGELONE) Q1 24/25 earnings summary

Executive summary

• Achieved record gross revenue of INR 14.1 billion in Q1 FY25, up 4% quarter-on-quarter, with strong operational performance and client acquisition of 2.6 million, expanding the client base to over 24 million.

• Achieved total net income of ₹11.1 Bn in Q1'25, up 4.9% QoQ, with PAT from continuing operations at ₹2.9 Bn, down 13.9% QoQ due to IPL-related costs.

• Maintained 2nd rank in incremental NSE active clients, with a total client base of 24.7 Mn (+11.2% QoQ) and NSE active clients at 6.7 Mn (+9.8% QoQ).

• Digital initiatives, brand investments (notably IPL partnership), and technology upgrades drove deeper market penetration, especially among Gen Z and tier 2/3 cities.

• Unaudited standalone and consolidated financial results for the quarter ended June 30, 2024, were approved and reviewed by the Board and auditors.

Financial highlights

• Consolidated revenue from operations for Q1 FY25 was ₹14,054.54 million, up from ₹8,075.05 million in Q1 FY24.

• Gross broking revenue at INR 29.2 billion, with F&O contributing 84% and cash segment 11%; commodity segment share rose to 5%.

• Interest income from client funding and deposits grew 18.9% sequentially to INR 2.9 billion, accounting for 21% of total gross revenues.

• EBITDA margin (normalized for IPL spend) expanded to 48% in Q1 FY25 from 47% in Q4 FY24; reported EBITDA margin was 37.7% due to IPL sponsorship costs.

• Consolidated net profit after tax for Q1 FY25 was ₹2,927.38 million, compared to ₹2,208.25 million in Q1 FY24.

Outlook and guidance

• Confident in maintaining 47%-48% operating margins over the medium term, with levers to offset regulatory impacts.

• Focus on expanding multi-product offerings, including wealth management and consumer credit products.

• New lending and fixed income products to be fully rolled out by end of Q2 FY25.

• AMC business awaits final regulatory approval, expected soon post-election delays.

• No deviations in the use of QIP funds; all proceeds have been utilized as per the stated objectives for working capital and general corporate purposes.