Angel One (ANGELONE) Q3 24/25 earnings summary

Executive summary

• Achieved strong client acquisition with 2.1 million new clients, 88% from Tier 2/3 cities, and total client base grew 7.4% QoQ to 29.5 million, maintaining 2nd rank in incremental NSE active clients and 15.9% share in India's demat accounts.

• Launched new offerings including insurance journey in super app, regulatory approvals for mutual fund and portfolio management, and IONIQ Wealth brand, with continued expansion into passive asset management and wealth management.

• Continued investment in technology, analytics, and product innovation to support growth and client engagement.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2024, were approved and reviewed by auditors, with no material misstatements identified.

• Appointment of Mr. Ambarish Kenghe as Group CEO and Key Managerial Personnel, effective on or before March 6, 2025.

Financial highlights

• Q3 FY25 gross revenues declined 16.6% sequentially to INR 12.6 billion, but were up 44.5% YoY to ₹15,160 million; consolidated net profit for Q3 FY25 stood at Rs. 2,814.66 million.

• Gross broking revenue fell 12.5% sequentially to INR 8.2 billion; F&O contributed 81% of broking revenue.

• Consolidated EBITDA/EBDAT margin at 42% in Q3 FY25; PAT from continuing operations at ₹2.8 billion.

• Nine-month FY25 gross revenues and PAT grew 43.4% and 27% YoY, respectively; TTM PAT of ₹13.4 bn, EPS of ₹151.0/share.

• Net worth increased to INR 56.3 billion as of Dec 31, 2024; book value at ₹621.5.

Outlook and guidance

• Regulatory changes expected to cause a one-time 18%-20% hit to net revenue, with normalization anticipated in 2-3 quarters as client base and activity recover.

• Strategic focus on expanding product offerings, digital engagement, and client lifecycle management, with continued investment in technology and talent.

• Group restructuring planned to enhance operational efficiency and future readiness, with no change in consolidated financials or dividend policy.

• Focus remains on achieving 50% EBITDA margin over the long term; price hikes considered if margin trajectory is threatened.

• Proceeds from recent Qualified Institutional Placement are being used for working capital and general corporate purposes.