Angel One Shares Plummet 12.5% Following Q3FY24 Earnings Report

Angel One shares witnessed a significant decline in its stock value early on Tuesday following the company’s release of Q3 FY24 numbers on Monday post-market hours. The company reported a net profit of ₹260 crore in Q3FY24, reflecting a 14.50% quarter-on-quarter (QoQ) decrease but showing a positive 14% year-on-year (YoY) improvement.

Its total revenue from operations for Q3FY24 increased by 1% QoQ and 41% YoY, reaching ₹1,059 crore. During the quarter, Angel One achieved the highest-ever client addition, welcoming 2.5 million clients. As of the end of December 2023, the company’s client base had expanded to 19.5 million, marking a 14% increase on a QoQ basis and a healthy 55% growth YoY.

In terms of transactions, the number of orders stood at 350 million in 3QFY24, up 54% YoY. Its average daily turnover (ADTO) surged to ₹36 trillion in Q3FY24, representing a 21.4% QoQ jump and a 148.5% surge on a year-on-year basis.

The company’s retail turnover market share in the overall equity segment stood at 26.8% in Q3FY24, marking a 529 basis point improvement on a YoY basis, as per the company’s exchange filing.

The company maintained its No. 2 rank in Incremental NSE Active Clients. In the quarter, the company’s share in NSE active clients increased to 14.8%, marking a growth of 273 basis points.

Commenting on Angel One’s performance, Dinesh Thakkar, Chairman & Managing Director, said, ‘Angel One has always focused its efforts to offer clients the most suitable products, in a seamless and efficient manner by harnessing the power of data and technology. Our digital assets are continuously evolving, enriched with innovative features to ensure an unparalleled investing experience.’

Despite posting a decent set of numbers for the December ending quarter, the company’s shares commenced today’s trade at ₹3,500 apiece, reflecting a 9.60% decrease compared to the previous closing price of ₹3,875. Subsequently, the stock experienced a further decline, reaching a two-week low of ₹3,392 apiece, reflecting a notable 12.5% decrease.

However, since listing in 2020, the company shares have been delivering solid returns year after year. In CY21, the stock delivered a multi-bagger return of 250%, and in the following year, it rallied 11%. In CY23, it gained another 166%, and in the current month so far, it is up by 1.50%.

At 10:15 am, the stock was trading with a drop of 12.30% at ₹3,409 apiece.