Angel One Jumps To Five-Month High On Strong Growth Prospects
Shares of Angel One Ltd. surged to the highest in five months on Friday as analysts bet on strong growth prospects following upbeat second-quarter results.
The brokerage house reported strong sequential growth in revenue, Ebitda, and net income for the quarter ended Sept. 30, post-market hours on Thursday.
Revenue up 7% at Rs 716.73 crore.
Ebitda up 13% at Rs 287.85 crore.
Ebitda margin 40.2% versus 38%.
Net profit up 6% at Rs 213.56 crore.
The board of directors has recommended Rs 9 per equity share of Rs 10 apiece as the second interim dividend, equivalent to 35% of consolidated profit after tax, for the quarter, the company said in the exchange filing.
Motilal Oswal Financial Services Ltd. reiterated 'buy' and kept the target price unchanged at Rs 2,100 apiece, implying an upside of 27.05% after the Q2 numbers. The brokerage said that the 10% beat in net interest income led to the outperformance in the quarter. The brokerage also added that lower opex drove significant improvement in the C/I ratio, driven by lower marketing spend, lower lead rates, and a decline in customer acquisition costs.
Motilal Oswal said Angel One is a perfect play on financialisation of saving and digitisation as it termed the second quarter performance as strong, given the volatility in markets.
ICICI Securities reiterated 'buy' and raised the target price from Rs 1,830 to Rs 1,980 apiece. The brokerage said the business traction for Angel One remained strong, with sustainability fears factored into the valuations. Client additions remained consistent in Q2 while valuations stayed attractive. The brokerage expects orders-per-day to remain resilient in the medium term due to client additions and anticipated 10% growth in orders in FY24.
Shares of the company rose over 5.1% to Rs 1,670 apiece, the highest in five months since May 5. Trading volume is 6.6 times the 30-day average.
Of the six analysts tracking the company, five maintain a 'buy' and one recommends a 'hold', according to Bloomberg data. The 12-month consensus price target implies an upside of 21.4%.
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