Angel One (ANGELONE) Q4 21/22 earnings summary

Executive summary

• FY22 delivered record growth, with consolidated revenue up 77.5% YoY to ₹23,051 mn and profit after tax from continuing operations up 109.7% to ₹6,251 mn.

• Client base rose 123.7% to 9.2 mn; NSE-active clients reached 3.7 mn, while retail equity turnover share expanded to 21.3%.

Financial highlights

• Consolidated EBDAT increased 99.1% YoY to ₹8,554 mn; EBDAT margin reached 50.8%, up 295 bps.

• Consolidated operating expenses rose 66.7% to ₹14,497 mn; operating leverage lifted continuing-operations PAT margin to 37.1%, up 392 bps.

• Consolidated basic EPS from continuing operations was ₹75.75 versus ₹38.75 in FY21; total-operations basic EPS was ₹75.72 versus ₹38.60.

• Total orders reached 680 mn, up 97.3%; average daily turnover rose 226.3% to ₹6.5 tn, with Q4 FY22 turnover of ₹8.6 tn.

Outlook and guidance

• Super App launch planned for Q1 FY23 across Android, iOS and web; phased updates are intended to add investing products and personalised journeys.

• Growth priorities include deeper Tier II/III reach, AI/ML-led personalisation, third-party product integrations and passive products through a proposed asset management business.