Angel One Shares Hit Record High After Q2 Profit Beats Estimates
The company's Q2 profit rose 43% YoY to Rs 304.5 crore, beating Bloomberg estimate of Rs 283.2 crore.
Shares of Angle One Ltd. rose over 6% to an all-time high on Friday after its second-quarter profit beat analysts' estimates.
The broking services firm's net profit rose 43% year-on-year to Rs 304.5 crore in the quarter ended September, according to an exchange filing on Thursday.
Angel One Q2 FY24 Highlights (YoY)
Revenue up 41% at Rs 1,047.9 crore. (Bloomberg estimate: Rs 668.9 crore).
Net profit is up 43% at Rs 304.5 crore. (Bloomberg estimate: Rs 283.2 crore).
The board of directors has recommended Rs 12.7 per equity share of Rs 10 each as interim dividend.
"We curated journeys for our clients, fostering a long-term approach to investing in equities and mutual funds," Chairperson Dinesh Thakkar said. "This strategic focus yielded strong adoption, solidifying our position as the second-largest player in incrementally registered SIPs in India."
"We are systematically broadening our financial services offerings, with plans to close the financial life-cycle loop for our clients by distributing consumer credit products on our platform in the upcoming quarters," Thakkar said.
Shares of Angel One rose as much as 6.77% to a record high of Rs 2,250 apiece. The shares were trading 5.90% higher at Rs 2,231.75 apiece, compared to a 0.51% decline in the benchmark NSE Nifty 50 as of 10.19 a.m.
It has risen 70.66% on a year-to-date basis. The total traded volume so far in the day stood at 98 times its 30-day average. The relative strength index was at 77, indicating that stock may be overbought.
Seven out of eight analysts tracking the company maintain a 'buy' rating on the stock, and one recommends a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 15.4%
