Angel One Shares Fall 7% After Sharp Profit Drop
The company’s consolidated Ebitda saw a decline of 30.7%, falling to Rs 414 crore from Rs 597.7 crore in the previous quarter.
Shares of Angel One Ltd. fell more than 7% on Monday after the company reported a decline in its third-quarter earnings. Consolidated total gross revenues for the December quarter stood at Rs 1,263.8 crore, a 16.6% drop from Rs 1,515.6 crore in the three months before. The company’s consolidated Ebitda also saw a decline of 30.7%, falling to Rs 414 crore from Rs 597.7 crore in the previous quarter.
Net profit after tax from for the third quarter was Rs 281.5 crore, marking a 33.5% sequential decline from Rs 423.4 crore in September quarter. The results missed analyst expectations, with the net profit falling short of Bloomberg's estimate of Rs 297 crore, contributing to the stock’s sharp decline.
Despite the weak performance, the company declared a dividend of Rs 11 per equity share. This amounts to a payout of Rs 99.3 crore to shareholders, accounting for 35.3% of the profit for the quarter.
The scrip fell as much as 7.05% to Rs 2,274 apiece. It pared losses to trade 3.13% lower at Rs 2,370 apiece, as of 11:57 a.m. This compares to a 0.43% advance in the NSE Nifty 50 Index.
It has fallen 38.85% in the last 12 months. Total traded volume so far in the day stood at 4.5 times its 30-day average. The relative strength index was at 23.
Out of nine analysts tracking the company, six maintain a 'buy' rating, two recommend a 'hold,' and one suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 45.3%
