Angel One Q3 Results Review - Strong Performance Continues: ICICI Securities

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .ICICI Securities Report.Angel One Ltd. continued with its strong performance in Q3 FY23 in terms of client additions (average of ~1 million per quarter in nine months-FY23), growth in the number of orders (average monthly run-rate of ~74 million in nine months-FY23) and cost discipline (total ‘opex to sales’ of 48% in nine months-FY23). These strides are reflected in 9.5% and 11% increase in our earnings per share estimates for FY23E and FY24E respectively. Our optimism has also been inspired by the robust growth in overall equity option volumes on NSE (126% compound annual growth rate over past two years). We remain positive on Angel One considering its track record (~three times growth in number of orders over past two years) and strong position (21.5% retail volume share as of Q3 FY23). Risks include sharp drop in market volumes and any regulatory action to curb volume growth (especially in equity options). We factor-in a 19% earnings CAGR over FY22-FY24E and expect profit after tax of Rs 9.4 billion in FY24E..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Angel One Q3 Results Review - Strong Performance Continues: ICICI Securities

Angel continued with its strong performance in Q3 in terms of client addition, growth in the number of orders, cost discipline.

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