Company Update : Angel One Ltd By Motilal Oswal Financial Services Ltd
Minimal impact of an increase in lot size on order run-rate
Angel One (ANGELONE) released its key business numbers for Jan’25. Here are the key takeaways:
* ANGELONE’s gross client acquisition declined 15% MoM to ~0.7m in Jan’25 (-36% YoY), taking the total client base to 30.1m (+2%MoM/+48% YoY).
* The average MTF book grew 3% MoM to ~INR42b (+87% YoY).
* The number of orders grew 5% MoM to 126m for Jan’25 (down 24% YoY), reflecting a 4% MoM decline in the number of orders per day to 5.5m. Jan’25 witnessed the impact of the increase in lot size, and we believe that the decline in order run rate was lower than our expectations. With the impact of regulations behind us, we expect the growth trajectory to recover from the current base.
* The overall ADTO was up 6% MoM, driven by 6% MoM growth in the F&O segment’s ADTO and 3% MoM growth in the commodity segment, while the cash segment declined 12% MoM. The overall premium ADTO grew 2% MoM, driven by 2% growth in F&O premium ADTO.
* Based on the option premium turnover, the overall market share grew 30bp MoM, while the F&O market share was up by 20bp MoM to 19.7%/ 21.8%. Market share for the cash segment was up 10bp MoM to 16.6%, and for the commodity segment, it was up 130bp MoM to 61.2%.
* The number of registered unique MF SIPs declined 12% MoM to ~0.77m in Jan’25 (+58% YoY).
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