Angel Broking Zooms 20% on Great Q1 Numbers

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Angel Broking Zooms 20%
Angel Broking Zooms 20%

The pandemic has seen millions of retail investors open trading accounts to try their hand in the stock market. “We expect the larger organised players to see sustained market share gains. Increased retail activity and a market clocking all-time highs have supported higher volumes, thereby boosting broking revenues,” brokerage company HDFC (NS:HDFC) Securities said in a recent note.

Angel Broking Ltd (NS:ANGB) saw first-hand the benefits of this phenomenon. Net profit for Q1 Fy22 saw the firm’s net profit surge 210% to Rs 117.85 crore compared to Rs 38.18 crore in the same quarter in FY21. Operational revenue rose 94% to Rs 458.72 crore compared to Rs 236.09 crore in Q1 FY21. The for saw the addition of 1.2 million new clients in the quarter. The stock closed up 20% at Rs 1,272.15 today.

Dinesh Thakkar, chairman & MD for Angel Broking said, “Q1 FY22 has been a very strong quarter for the industry and Angel Broking, across numerous parameters. We are witnessing a greater acceptance of equities, as a vehicle of wealth creation, by more people from Tier 2, 3, and beyond cities. This gives me confidence that we are at an inflection point and the journey of high growth will sustain us over the medium and long term.”

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