Shares of Angel Broking rose over 12 percent to hit a 52-week high on Friday after the firm posted strong results with profit more than tripling in the June quarter. The net profit surged 210 percent to Rs 117.85 crore in Q1, as against a net profit of Rs 38.18 crore in the same quarter the previous year.
The stock rose as much as 12.2 percent to its 52-week high of Rs 1,192.35 on the BSE. It has risen over 240 percent in 2021 so far and jumped 40 percent in the last month.
Operational revenue also rose over 94 percent to Rs 458.72 crore during the quarter under review versus Rs 236.09 crore in the year-ago quarter, the company said in a regulatory filing.
The company witnessed strong gross client addition of 12 lakh in Q1 FY22 as compared to 9.6 lakh clients in Q4 FY21.
Commenting on the performance, Dinesh Thakkar, chairman & MD said, “Q1 FY22 has been a very strong quarter for the industry and Angel Broking, across numerous parameters. We are witnessing a greater acceptance of equities, as a vehicle of wealth creation, by more people from Tier 2, 3, and beyond cities. This gives me confidence that we are at an inflection point and the journey of high growth will sustain us over the medium and long term.”
Meanwhile, the board of directors has approved the first interim dividend of Rs 5.15 per equity share.
The board, in its meeting held on July 15, also approved the change of name of the company from 'Angel Broking Limited' to 'Angel One Limited' or 'Angel One Fintech Limited' or any other name as may be approved by the Central Registration Center ("CRC') of Ministry of Corporate Affairs.
Angel Broking is one of the largest retail broking houses in India in terms of active clients on NSE. It's a technology-led financial services company providing broking and advisory services, margin funding, loans against shares, and financial products distribution to clients.