BENGALURU – Indian brokerage Angel One reported a higher first-quarter profit on Monday, boosted by a surge in orders amid increased trading activity.
Consolidated profit increased by 32.6% year-on-year to 2.93 billion rupees ($35.1 million) in the three months to June 30.
Indian benchmarks scaled record highs during the June quarter and logged their fifth straight quarterly gain, supported by policy continuity following the general election results and optimistic economic growth prospects.
The company’s orders jumped nearly 86% year-on-year, with the total client base rose 64%. The average daily turnover also rose almost 93% to 43.8 trillion rupees.
Angel One, which provides trading and investing services through its app, reported a 74% increase in consolidated total revenue from operations to 14.05 billion rupees.
However, Angel One’s total expenses nearly doubled due to its partnership with cricket tournament Indian Premier League (IPL).
The company, which competes with startups including Zerodha, Groww and Upstox, said its IPL-related expenses in the quarter stood at 1.15 billion rupees, constituting more than 11% of its total expenses.
The company’s share in India’s demat accounts rose 15.2% from 12.5% a year earlier.
Earlier this month, the market regulator directed exchanges to impose uniform fees from brokers instead of fees based on volumes, aiming to control the frenzy in India’s derivative markets.
Analysts at HDFC Securities revised their earnings estimates for Angel One for the financial years 2025 and 2026 to reflect the impact of the new rules, effective from October, which could potentially reduce brokerages’ revenue and transaction charges.
Angel One’s shares closed 1.5% higher ahead of the results. The stock has lost about 36% of its value so far this year, as opposed to a 10% rise in the broader Nifty Financial Services Index.
($1 = 83.5400 Indian rupees)
(Reporting by Dimpal Gulwani and Varun Hebbalalu in Bengaluru; Editing by Tasim Zahid)
