Angel One Q2 Results Review


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HDFC Securities Institutional Equities

Angel One Ltd. printed a strong 8.5% sequential growth in its top line, driven by all-time high retail derivatives average daily trading volumes coupled with healthy ancillary transaction revenues (up 19% QoQ).

Staff costs are expected to remain elevated on the back of the management’s continued focus on scaling up and investing in additional tech talent.

We are encouraged by Angel One’s intent to align marketing dollars with the pace of customer adds (make marketing spend variable), thereby protecting margins; we continue to monitor these expenses in a soft customer add environment.

While derivatives volumes have exhibited strong resilience in volatile markets, we continue to closely monitor retail market-share in this segment.

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