Angel One shares jump 7%, hit 52-week high after Q2 profit zooms 43% YoY
Angel One shares jumped 7% to hit a new 52-week high of Rs 2,250 in Friday's trade on BSE after the firm reported a nearly 43% YoY rise in second-quarter profit at Rs 304.5 crore as against Rs 214 crore a year earlier.
Its quarterly revenue grew 40.7% YoY to Rs 1,048 crore. Earnings before investment, tax, depreciation, and amortisation (EBITDA) for the quarter under review stood at Rs 443 crore, marking a jump of 40.1% compared with the year-ago period.
The company’s board also declared a second interim dividend, of Rs 12.7 per share, for the financial year 2023-24.
It added 2.1 million clients in the three-month period, its highest-ever client addition in any quarter, taking its total client base to 17.1 million at the end of September 2023.
Angel One held a 13.2% share in the number of demat accounts in India in the September quarter, up from 11.3% last year.
Following the Q2 results, domestic brokerage firm Motilal Oswal said, «Angel One is strategically positioned to benefit from the financialization of savings and digitization trends. It demonstrated a strong performance in 2QFY24 with markets reaching an all-time high.
The management continues to invest in technology to reinforce its market standing. However, there has been a slowdown in client additions and activation rates.»
At 12.41 p.m., the scrip was trading 2.7% higher at Rs 2,161 on BSE.
Meanwhile, on a year-to-date basis, the firm has surged 65%, while it has rallied over 70% in the past six months.
Technically, Angle One's Day RSI (14) is at 70.3. The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed.
MACD is at 52, which is above its center and signal Line, this is a bullish indicator.
Angel One shares are
