Shares of Angel Broking which debuted recently on the Indian bourses zoomed up to 20% in intra-day trade on October 27, 2020 to Rs. 298.5 per share on the NSE. This is after the brokerage company posted the highest ever profit after tax in a quarter at Rs. 74.6 crore for the just ended September quarter as against Rs. 48.3 crore in Q1FY21.
During the September quarter, the company's total income increased 29% QoQ at Rs. 318 crore in comparison to Rs. 247 crore in the preceding quarter. EBDT (Earnings before depreciation and taxes) also rose by 629 bps to 49.3 percent as against 43 percent in the previous quarter. Further the firm could draw operating leverage benefits owing to digital initiative and asset-light model. Also, at the same time, ADT or average daily turnover also increased for the firm by 107 percent to Rs. 1281 billion.
Net client addition for the firm also registered an increase of 59 per cent quarter on quarter to 539,567 clients in Q2FY21 in comparison to 339,573 clients in Q1FY21.
Notably, scrip of Angel Broking made a weak listing on the bourses on October 5, 2020 at Rs. 275 in comparison to IPO issue price of Rs. 306 per share.