- Client Acquisition Metrics in Q2 '24:
- Total Client Base: 17.1 million (+13.3% QoQ)
- Gross Client Acquisition: 2.1 million (+59.8% QoQ)
- Share in India's Demat Accounts: 13.2% (+67 bps QoQ)
- NSE Active Client Base: 4.9 million (+10.0% QoQ)
- 2nd Rank in Incremental NSE Active Clients
- Share in NSE Active Client Base: 14.6% (+27 bps QoQ)
- Number of Orders: 338 million (+36.1% QoQ)
- Average Daily Turnover: ₹29.6 trillion (+30.3% QoQ)
- Share in Retail Overall Equity Turnover: 26.2% (+168 bps QoQ)
- Financial Metrics in Q2 '24:
- Total Net Revenue: ₹4.2 billion (+36.9% QoQ)
- Earnings Before Depreciation, Amortization & Tax (EBDAT): ₹3.0 billion (+37.9% QoQ)
- Profit After Tax (PAT) from Continuing Operations
- Client Share in India's Demat Accounts: 22.0% in Q2 '24
- Super App: Feature Enhancements:
- Handholding Newly Acquired Clients
- Basket Order Stock S.I.P.
- Transition to Lifecycle Management for Superior Value Extraction
- Striving to Improve Client Experience with New Features
- Strong Multi-Year Revenue Visibility from Clients Acquired:
- Historically, clients provide multi-year revenues
- Revenue stabilizes from the 3rd year onwards
- Successful digital transformation enhances revenue progression
- Long Lifetime Value and Low Cost to Serve:
- Acquired clients are profitable from Year 1
- Contribution margin is 90%+ from Year 2 onwards
- 3-Year Revenue / Cost of Acquisition (CoA) for FY22 cohort is 7.9x
- Rising Share of Revenue from Longer Vintage Clients
- Consistently Acquiring Younger Clients
- FinTech Model Enabling Penetration of Vast Addressable Market
- Huge growth potential in the under-penetrated Indian market
- Target addressable market includes a large number of PAN card holders
- Growth in Trade Volumes De-Linked to Market Cycles
- Increasing Penetration and Higher Retail Participation in Trading
- High Variable Cost Structure Provides Elastic Cost Levers to Protect Margins
- Client Funding Book Spread Over a Large Customer Base with Low Per Client Exposure
- Negligible NPAs in Client Funding Book
- Consistently Paying Dividends with a Payout Ratio of 35-43%
- Broking and Assisted Business Mutual Fund Distribution are key segments.
- Common tech infrastructure (Super App) is shared among subsidiaries.
- Mimansa Software Systems provides software consultancy.
- Angel Digitech supports business services.
- Angel Securities Ltd. and Angel Fincap Pvt. Ltd. are 100% subsidiaries.
- Angel Crest Ltd., Angel Financial Advisors Pvt. Ltd., and Angel One Trustee Ltd. serve specific functions.
- Angel has been gaining market share in incremental demat accounts in India.
- The company has shown consistent growth in NSE active client base.
- Order volumes are a key revenue driver for the company.
- Angel's average daily orders increased during market volatility in numerous instances.
- Angel has maintained a strong market share across equity, F&O, commodity, and cash segments.
- The flat fee pricing model dominates overall average daily trading orders.
- Significant growth in the number of orders and overall average daily turnover.
- The company has achieved substantial growth in various segments.
- ADTO has increased significantly, and Angel handled a peak number of orders in Q2 '24.
- Cash, F&O, and commodity segments all show notable growth in ADTO and order volumes.