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Angel Broking share zooms 20% after firm reports highest-ever quarterly profit

ABL stock has risen 32.81% in the last 5 days. Market capitalisation of the firm stood at Rs 2,440.47 crore as of today's session

twitter-logoBusinessToday.In | October 27, 2020 | Updated 16:08 IST
Angel Broking share zooms 20% after firm reports highest-ever quarterly profit
Company's consolidated revenue from operations grew 30% QoQ and 80.4% YoY rise to Rs 309.85 in Q2FY21

Angel Broking shares gained 20% intraday on Rs 298.35 on Tuesday after the company reported highest-ever quarterly profit in Q2FY21.  

The retail broking house reported a 47.3% sequential growth and 288.3% YoY increase in its profit of Rs 74.47 crore in the September 2020 quarter. The company posted a net profit of Rs 48.3 crore in the June quarter.

Angel Broking share price opened with a gain of 6.58% at Rs 265 and later climbed 19.99% to hit an intraday high of Rs 298.35. The stock has traded in a wide range of Rs 33.35 and currently trades 2.56% away from 52-week high of Rs 306.

Company's consolidated revenue from operations grew 30% QoQ and 80.4% YoY rise to Rs 309.85 in Q2FY21.

ABL stock has risen 32.81% in the last 5 days. Market capitalisation of the firm stood at Rs 2,440.47 crore as of today's session.

There were only bids and no offers for the ABL shares in today's session. Angel Broking stock price is trading higher than 5, 20, 50, 100 and 200 day moving averages.

One of the largest retail broking houses in India in terms of active clients on NSE said it witnessed strong net addition in client base which has grown by 59% QoQ to 539,567 clients in Q2FY21 from 339,573 clients in Q1FY21.

Commenting on the performance, Dinesh Thakkar, Chairman & MD said, "Over the past 18 months, we have witnessed an exponential growth which is backed by our digitally powered business. With the use of technology, we witnessed a multi-fold addition in clients, where 1 out of every 7 incremental demat account is opened with Angel Broking, led by seamless experience across our digital platforms. On NSE, we are now the 4th largest in terms of active clients and 3rd largest in incremental addition of Active clients in H1FY21. We remain confident of continuing the growth momentum in quarters to come."

Commenting on the Q2FY21 results, Vinay Agrawal, CEO said, "We continue to gain significant market share across all segments. Our Average Daily Turnover (ADTO) has grown by 107% QoQ to Rs 1,281 bn in Q2FY21. We will continue to fuel our growth through our digital first & client-centric approach, thereby having a sustainable and scalable model."

Angel Broking shares were listed on the bourses on October 5. The shares of the technology-led financial services company made a weak debut, listing at a 10% discount of Rs 275 and are yet to cross their issue price of Rs 306 per share.

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