Angel One (ANGELONE) Q4 22/23 earnings summary

Executive summary

• FY23 delivered record performance: total income rose 31.5% YoY to ₹30.2bn and continuing-operations PAT grew 42.4% to ₹8.9bn; EBDAT margin expanded to 53.3%.

• Total clients increased 49.5% YoY to 13.8mn; 926mn orders were executed and overall retail equity turnover share reached 21.8%.

• Super App rollout and migration across platforms marked a key strategic milestone; Direct Mutual Funds launched, and SEBI granted in-principle approval to sponsor a mutual fund.

Financial highlights

• Consolidated total income was ₹30,211mn vs ₹22,971mn in FY22; revenue from operations reached ₹30,016mn, up 31.0% YoY.

• Continuing-operations PAT rose 42.4% YoY to ₹8,902mn; reported PAT including discontinued operations was ₹8,900mn.

• EBDAT increased 42.9% YoY to ₹12,221mn; EBDAT margin was 53.3%, up from 37.3% in FY22.

• Consolidated operating cash flow was ₹8.0bn; cash, cash equivalents and bank balances reached ₹54.9bn at 31 Mar 2023.

Outlook and guidance

• FY24 priorities: strengthen AI capabilities across the value chain, launch more products and improve client experience, engagement, revenue streams and margins.

• The proposed Asset Management business is expected to launch in a few quarters, with digitally powered recommendations and a focus on passive schemes and ETFs.

• Super App plans include expanding beyond broking and mutual funds into wealth management, lending, bonds and protection products to increase lifetime client value.

• India’s FY24 GDP growth was forecast at 6.5%; the global economy was projected to grow 2.8% in 2023 and 3.0% in 2024.