Angel Broking shares spike 20% after company records highest-ever quarterly profit in Q2FY21

angelbroking

Angel Broking shares gained 20 percent intraday on October 27 following the highest-ever quarterly profit reported in Q2FY21. But the stock is yet to cross its issue price of Rs 306 per share.

It touched an intraday high of Rs 298.50 and at 11:03 hours IST was trading 16.03 percent higher at Rs 288.50 on the BSE. It listed on bourses on October 5.

The retail broking house has reported highest every quarterly profit at Rs 74.47 crore for the quarter ended September 2020, a 47.3 percent sequential growth and the year-on-year increase was 288.3 percent.

Consolidated revenue from operations grew by 30 percent quarter-on-quarter to Rs 309.85 in Q2FY21 and the year-on-year increase was 80.4 percent.

“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 digital platforms,” Dinesh Thakkar, Chairman & MD said.

On the NSE, it is now the fourth largest in terms of active clients and third largest in incremental addition of active clients in H1FY21.

Company witnessed strong net addition in client base which has grown by 59 percent QoQ to 5,39,567 clients in Q2FY21.

“We continue to gain significant market share across all segments. Average Daily Turnover (ADTO) has grown by 107 percent QoQ to Rs 1,28,100 crore in Q2FY21,” Vinay Agrawal, CEO said.

News Source:- moneycontrol

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