Investment services provider Angel One Ltd. on Thursday reported strong operational numbers for the June quarter, beating analyst estimates.
As expected from the robust monthly updates for the past couple of months, Angel One posted decent growth in operations. However, profit numbers took a hit on higher employee expenses due to a one-off in the March quarter.
The company’s revenue from operations rose 2.2 percent in the June quarter to Rs 826 crore compared to Rs 808 crore in the previous quarter.
Profit after tax (PAT) dropped 17 percent to Rs 221 crore during the June quarter as against Rs 267 crore in the March quarter. Employee expenses were up 63.3 percent to Rs 123.2 crore compared to Rs 75.5 crore in the March quarter.
Consequently, the company’s cost-to-income ratio was higher at 53 percent in the June quarter compared to 44 percent in the March quarter.
Angel One’s market share in the NSE active client base also increased 120 basis points during the June quarter to 14.3 percent in comparison to 13.1 percent in the previous quarter.
The overall retail equity average daily turnover (ADTO) was up 175 basis points to 24.5 percent in the June quarter compared to 22.8 percent in the March quarter.
Angel One’s board of directors also recommended a dividend of Rs 9.25 per equity share of Rs 10 each, as an interim, equivalent to 35 percent of consolidated profit after tax for the quarter.
Shares of Angel One are trading 2.15 percent lower at Rs 1,708.35.
