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.

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

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

• Mutual fund distribution hit a milestone with over 500,000 unique SIP registrations in June 2024 and nearly 1.5 million in the quarter, reinforcing position as the second largest in incremental SIPs.

• Significant brand visibility gains from IPL campaign, with top 3 ranking in recall and visibility.

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.

• PAT from continuing operations at 2.9 billion (-13.9% QoQ); TTM PAT at 12.0 billion, TTM EPS at 140.2/share.

Outlook and guidance

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

• Expect ROE to return to historic levels as margins normalize post-fundraise and IPL spend.

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

• Group restructuring underway to optimize management bandwidth and operational efficiency.

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