On Tuesday, Angel One observed a notable drop in its stock value after revealing its Q3 FY24 results post-market hours on Monday. Despite reporting a net profit of ₹260 crore in Q3FY24, indicating a 14.50% decrease quarter-on-quarter (QoQ), the company exhibited a positive 14% year-on-year (YoY) improvement.
In Q3FY24, Angel One reported a 1% QoQ and a significant 41% YoY increase in total revenue from operations, reaching ₹1,059 crore. The quarter marked Angel One’s highest-ever client addition, with 2.5 million new clients, bringing the total to 19.5 million by the end of December 2023. Transactions also saw a notable uptick, with orders at 350 million, up 54% YoY. The average daily turnover (ADTO) surged to ₹36 trillion, showing a 21.4% QoQ increase and an impressive 148.5% YoY surge.
Angel One’s retail turnover market share in the overall equity segment stood at 26.8% in Q3FY24, showing a significant 529 basis point improvement on a YoY basis. The company maintained its No. 2 rank in Incremental NSE Active Clients, with a share in NSE active clients increasing to 14.8%, representing a growth of 273 basis points.
Despite strong quarterly performance, Angel One’s shares opened today at ₹3,500, reflecting a 9.60% decrease from the previous closing price of ₹3,875. The stock experienced a further decline, reaching a two-week low of ₹3,392, marking a notable 12.5% decrease.
However, since its listing in 2020, the company’s shares have delivered solid returns each year, including a multi-bagger return of 250% in CY21. In CY23, it gained 166%, and in the current month, it is up by 1.50%.
As of 10:15 am, the stock was trading with a 12.30% drop at ₹3,409 apiece. Investors are advised to consult with certified experts before making any investment decisions.