Angel One (ANGELONE) Q2 24/25 earnings summary

Executive summary

• Q2 FY2025 featured strong profitability and growth, with the client base surpassing 27.5 million, up 11.2% sequentially, and NSE active clients at 7.4 million, up 9.6% QoQ.

• Regulatory changes, including SEBI's True-to-Label regulation and derivatives tightening, aimed at market stability and investor protection.

• Strategic initiatives included tariff adjustments, new product launches (credit, fixed deposits), and technology enhancements to the Super App.

• Focus on acquiring young clients, with 89-90% of new additions from tier 2/3 cities, and expansion in wealth management and leadership talent.

• Board approved reclassification of certain Promoter/Promoter Group members to Public category, pending approvals.

Financial highlights

• Q2 FY25 consolidated revenue from operations was ₹15,147.06 million, up from ₹11,496.00 million in Q1 FY25 and ₹11,080.32 million in Q2 FY24.

• PAT for Q2 FY25 reached ₹4,233.80 million, up 44.6% QoQ, with EBDAT margin at 49.9%.

• Gross booking revenue reached INR 9.4 billion, with F&O contributing 81% and cash segment 13%.

• Interest income from client funding and deposits rose 22.1% QoQ to INR 3.6 billion.

• Book value as of September 30, 2024, was ₹585.5 per share; net worth at ₹52,779.92 million.

Outlook and guidance

• Management expects short-term softness in trading volumes due to regulatory changes but remains optimistic about long-term client lifetime value and market share growth.

• EBITDA/EBDAT margin guidance of 43-44% for the full year is maintained despite regulatory headwinds.

• Group restructuring underway to enhance operational efficiency and prepare for long-term strategy.

• New business verticals (loans, insurance, wealth) expected to break even in 1.5-3 years.

• No change in consolidated financials or dividend policy post-restructuring.