Multibagger Angel One shares jumps 7% after company's client base rose 63.3% in May

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Angel One shares surged by 6% during early morning trade today, reaching ₹2296 apiece, following a positive response from investors to the company's May business update. The update revealed a substantial increase in the company's client base, which soared to 23.83 million in May 2024 from 14.59 million in May 2023, marking a remarkable surge of 63.3%.In terms of transaction volume, Angel One processed 158.72 million orders in May 2024, representing a substantial year-on-year increase of 75.2%.

Additionally, the company witnessed a significant jump in its average daily orders, which climbed to 7.56 million in May, reflecting an 83.5% year-on-year surge.Also Read: Adani Group stocks continue to suffer losses; down up to 14%The update also highlighted a substantial rise in new mutual fund SIP registrations, which surged by an impressive 287.7% to 4.73 lakh in May. Moreover, Angel One's average daily turnover (ADTO) saw a robust 98.8% year-on-year improvement in May.In the recent March quarter, the company reported a noteworthy net profit of ₹340 crore, reflecting a 31% quarter-on-quarter increase and a solid 27.3% year-on-year improvement.

Furthermore, its total revenue from operations for Q4FY24 witnessed a significant 28% quarter-on-quarter growth and a 64.28% year-on-year surge, reaching ₹1,357 crore.During the quarter, Angel One achieved its highest-ever client addition, welcoming 2.9 million new clients. The company also strengthened its position in the retail turnover market share, securing 18% in Q4FY24, marking an 83-basis point improvement quarter-on-quarter, as outlined in its exchange filing.Also Read: Nifty Midcap 100 suffers sharp decline of over 6,000 points, hits 11-week lowAngel One is a technology-driven