Angel One Posts A 17% Growth In PAT For Q4FY23

Angel One Limited announced its Q4FY23 results through press release. The company posted a 17% growth in profit after tax (PAT) at Rs 2,669.12 million over previous quarterly figure of Rs 2,279.82 million. It was formerly known as Angel Broking Limited, and the company has a market capitalisation of Rs 1,06,297.6 million.

Commenting on Angel One's performance, Dinesh Thakkar, Chairman & Managing Director said, "FY23 has a been a strong year for Angel One. The Company has delivered on all operating parameters."

According to the press release filed on stock exchange, the company's total income was Rs 8,310.85 million, a growth of 9% quarter on quarter and 21.6% year on year. While for the full year ending in March 2023, the total income rose by 31.52% to Rs 30,211.18 from Rs 22,971.14 March 2022.

The profit after tax for March 2023 fiscal year stood at Rs 8,899.54 million, a growth of 42.44% over last year's PAT of Rs 6,248.05 million.

Additionally, Angel One Limited's consolidated earnings before depreciation, amortisation and tax (EBDAT) for Q4 was reported at Rs 3,705 million against Q3's 3,099 million, a growth of 19.6% quarter-on-quarter (QOQ), with a margin expansion of 57.5% as percentage of net income. For the full year FY23, EBDAT was at Rs12,222 million in versus Rs 8,554 million, a growth of 42.9% year on year (YOY) with a margin expansion of 53.3% in FY 23.

The company's average daily turnover grew by 27.7% to Rs 18.5 trillion for the Q4 from Q3's turnover of Rs 14.5 trillion. While for the full year FY 23 the company posted a growth of 110.4% of Rs 13.6 trillion over FY 22 turnover of Rs 6.5 trillion. The retail portion of overall equity turnover grew by 124 basis points on quarterly basis and over the year it was up by 178 basis points.

Further in terms of client metrics, total client base of the company stood at 13.2 million, it was up by 10.1% QOQ and up by 49.5% YOY. Its gross client acquisition declined by 11.9% YOY to 1.3 million, but it was up by 30.9% QOQ.

Dinesh also stated the company's focus "the fundamental principle at Angel One has always been to stay focused on unit economics and run a profitable business, keeping clients at the centre while enhancing their experience and "wow" quotient with the Angel One app."

He further added about the company's business model plans "the business model is geared towards on-boarding young cohorts, who have limited access to capital markets. These young digital natives have a long runway in their careers with sustainable revenue potential. Angel One through its Super-App strategy is well positioned to partner and offer multiple products. The business model is robust to deliver profitable unit economics across all cohorts."

In terms of guidance Dinesh said that "the robustness of our FinTech model demonstrates a very healthy LTV:CoA of 7.8x based on the first 3 years of aggregate client revenues. As clients increase their engagement on the platform, the LTV:CoA will have a long runway of growth."