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Slight weakness in order run rate reflects the impact of new F&O regulations

Angel One (ANGELONE) released its key business numbers for Nov’24. Here are the key takeaways:

* ANGELONE’s gross client acquisition declined 14.3% MoM to ~0.6m in Nov’24 (-11.8% YoY) due to some impact of the festive season and overall lower activity. However, this is beneficial from the EBITDA margin perspective in the near term.

* The total client base stood at 28.8m in Nov’24 (+2% MoM/+56% YoY).

* The average funding book declined 3.7% MoM to ~INR39.7b (+113.7% YoY).

* The number of orders declined to 131m (lesser number of trading days) for Nov’24 (-23.5% MoM /+22.2% YoY), and there was a 6.4% MoM decline in the number of orders per day to 7.3m. The initial part of Nov’24 had the impact of the festive season, while in the later half the new regulations were implemented.

* The overall ADTO was down 12% MoM, due to a 12.5% decline in the F&O segment’s ADTO and 4.1% decline in the cash segment’s ADTO, while commodity segment’s ADTO rose 30.5% MoM.

* Based on the option premium turnover, the overall market share declined 20bp MoM while F&O market share remained flat MoM at 19.8%/21.9%. Market share for the cash segment declined 30bp MoM to 16.4%.

* The number of registered unique MF SIPs declined 11.7% MoM to ~0.65m in Nov’24 (+130.9% YoY).

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