Angel One Q3 Review - Inline Revenue; High C/I Ratio Leads To PAT Miss; 'Buy' Says Motilal Oswal, Here's Why

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Motilal Oswal Report

Angel One Ltd. reported total income of Rs 9.9 billion, up 19% YoY/down 18% QoQ and largely in line with our estimate. The sequential decline was owing to the impact of F&O regulations and True-to-Label regulations on other income. For 9MFY25, total income grew 45% YoY to Rs 33 billion.

Total operating expenses grew 23% YoY (13% higher than estimate), leading to a CI ratio of 58% versus 56% in Q3 FY24 (versus our estimate of 52.6%), driven by higher-than-expected admin and other expenses. The elevated C/I ratio resulted in PAT of Rs 2.8 billion (+8% YoY), 11% below our estimate. For 9MFY25, PAT grew 27% YoY to Rs 10 billion.

The number of orders stood at 422 million in Q3 FY25, up 20% YoY/down 14% QoQ and largely in line with our estimate. MTF book continued to scale up and was at Rs 43.3 billion (up 4% QoQ/118% YoY) at the end of Q3 FY25. The distribution business witnessed the highest SIP registrations in December 2024 (~0.9 million) and cumulative credit disbursements of Rs 6 billion as of Dec’24.

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