Revenues of two firms – Angel One and ICICI Securities – that have announced the March quarter results so far have reported a 64% and 21% year-on-year jump in revenues.
Angel One on Wednesday reported a 101% year-on-year jump in net profit at ₹204.80 crore during the quarter on revenues of ₹685.3 crore. Between January and March, the broking firm’s gross client count touched 1.5 million, up 54%, taking the total gross addition to 5.3 million in FY22.
On Thursday, shares of Angel One rallied 18% to ₹1,918.70 to hit a record high. According to analysts, the company will benefit from increasing retail participation.
“We believe increased retail footprint in capital markets provides enough levers for countering apparent cyclicality in retail volumes,” said Ansuman Deb, analyst, ICICI Securities. “This can make earnings trajectory of capital market plays less sensitive to market volatility and potentially lead to increase in valuation multiples.”
ICICI Securities posted a 21% jump in revenue at ₹892 crore in the quarter ended March 31, 2022, compared to ₹739.34 crore in the year-ago period. The retail equities and allied business reported revenues at ₹521.5 crore, as against ₹442.6 crore by similar comparison, a rise of 20%.
The brokerage has a client base of 7.6 million, of which over 2.27 million were added during FY22, which is the highest ever addition in a financial year. Over 620,000 customers were added during the March quarter. Around 65% of customers acquired during this period were under 30 years, and 84% were from tier-II and below towns, the company said.
For the financial year ended March 2022, the company reported a net profit of ₹1,383 crore, up 29% from the preceding fiscal. Revenue grew 33% to ₹3,438 crore in FY22.
