Angel One Limited · NSE:ANGELONE
Angel One — Q2 FY2025 Earnings Presentation
43 slides from Angel One's earnings presentation, Oct 14, 2024
Slide 1: Investor Presentation Filing Letter to Stock Exchanges
To, Listing Department Department of Corporate Service National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, G Block, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Bandra (East), Mumbai - 400 051. Mumbai - 400 001. Symbol: ANGELONE Scrip Code: 543235 Dear Sirs/ M
Slide 2: Fueling Aspirations. Fostering Change. Q2 '25 Investor Presentation
FUELING ASPIRATIONS. FOSTERING Q2 ‘25 Investor Presentation CHANGE. 14th October 2024
Slide 3: Safe Harbour
Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Angel One Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities
Slide 4: Table Of Contents
Table Of Contents 01 Q1 ’25 Highlights 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 3
Slide 5: Q2 '25 Performance
Q2 ‘25 Performance Client Acquisition Metrics Active Client Metrics Transaction Metrics Financial Metrics 27.5 Mn (+11.2% QoQ) 7.4 Mn (+9.6% QoQ) 489 Mn (+5.8% QoQ) ₹ 12.0 Bn (+7.6% QoQ) Total Client Base NSE Active Client Base Number of Orders Total Net Income 3.0 Mn (+15.9% QoQ) 2nd (Maintained) ₹
Slide 6: Proactive Tariff Adjustments
Proactive Tariff Adjustments Non-Regulatory Cash Delivery Orders Revised Card Rate With Effect From 1st November 2024 Changes 74 (Mn) Cash Delivery Lower of ₹ 20 / order or 0.1% + GST (minimum 61 Brokerage brokerage of ₹ 2) 35 ₹ 60 / quarter for Non-BSDA accounts from 2nd year AMC Charges onwards In
Slide 7: EBDAT Bridge
EBDAT Bridge 48.0% +191 bps 49.9% Normalised EBDAT Margin EBDAT Margin (₹ Mn) 850 -239 80 -54 1,145 5,977 5,340 4,194 Q1 '25 IPL Related Cost Q1 '25 Inc. In Total Inc. In Inc. In Dec. In Q2 '25 EBDAT (Reported) in Q1 '25 EBDAT Net Rev Emp Cost ESOP Cost Other Exp. EBDAT (Reported) (Normalised) Robus
Slide 8: Scaling Up The Assisted Business
Scaling Up The Assisted Business Leveraging Data To Cross Sell Multiple Products Through Multiple Channels Key Developments Empowering Partners Cross-sell opportunities Diversified partners through data to enhance client engagement + Strengthening network of broking • Equities, Commodities, • Associ
Slide 9: Diversifying Revenue Blocks: Expanding Product Bouquet
Diversifying Revenue Blocks: Expanding Product Bouquet Super App Evolution Broking & Allied Products Mutual Fund Lending Products Fixed Income Products Credit Distribution Fixed Deposit Distribution Live In-Pipeline 3 3 Banks & NBFCs NBFCs • Launched distribution of unsecured personal loans • Achiev
Slide 10: With Simple And Intuitive Journey
With Simple And Intuitive Journey Lending Journey Fixed Deposit Journey 1-Hour disbursal | Zero Paperwork | Anytime Pre-close High return FDs 9 Images shown are some screenshots during the journey, does not reflect the entire journey
Slide 11: Significant Offtake Of Mutual Fund Product
Significant Offtake Of Mutual Fund Product Unique SIPs Registered 2,314 • Rising average ticket size and recurring SIPs, demonstrates ease (‘000) of transacting 1,393 1,493 • Reducing average time to start the first SIP – less than 30 days of onboarding 955 725 431 • Leveraging data science to conti
Slide 12: Wealth Management: Huge Growth Opportunity
Wealth Management: Huge Growth Opportunity Wealth Management: Target Addressable Market Levers Of Growth UHNI Investment and Value-Added Services for Domain ~0.2 mn Tax Filers Wealth Management Segment > ₹10 Mn Annual Income | >US$ 5 mn AUM Captive tech expertise, leveraging India’s HNI Tech Financi
Slide 13: Wealth Management: Content IPs
Wealth Management: Content IPs The Investing Pantheon September 2024 US Elections: Mixed Signals While the polls are slightly more aligned towards the …. the markets are, however, pointing towards anti-incumbency Democrats’ victory… The market volatility points at anti- Scenario Probability 35 incum
Slide 14: Table Of Contents
Table Of Contents 01 Q1 ’25 Highlights 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 13
Slide 15: Sustainable Revenues From Clients
Sustainable Revenues From Clients Consistent Total Net Income From Every Cohort Actuals (₹ Mn) Gross Acquisition (Mn) FY20 FY21 FY22 FY23 FY24 • Since clients are acquired over 12 months in each fiscal, their credible behaviour is ascertained from the 13th month onwards Pre-FY20 3,589 3,358 3,606 3,
Slide 16: Client Demography And Wealth Creation Journey
Client Demography And Wealth Creation Journey Consistently Acquiring Younger Clients ~89% Of Gross Client Addition Contributed By Tier 2, 3 & Beyond Cities In Q2 ’25 Tier-1 Tier-2 Tier-3+ (Mn) <25 years >25 years 5.3 4.7 8.8 2.6 3.0 54% 52% 52% 58% 2.9 2.9 5.8 1.7 2.0 46% 48% 48% 1.7 1.4 2.0 0.6 0.7
Slide 17: Exploring Growth Opportunities
Exploring Growth Opportunities 07. Talent / IP Acquisition: 01. Manufacturing Platforms: Onboard strategic IP’s & entrepreneurial teams to Strategic investments in businesses of scale build differentiated products across consumer financial services landscape 07 01 06. Learning Platforms: 02. Distrib
Slide 18: Table Of Contents
Table Of Contents 01 Q1 ’25 Highlights 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 17
Slide 19: FinTech Model Enabling Penetration Of Vast Addressable Market
FinTech Model Enabling Penetration Of Vast Addressable Market India: Target Addressable Market India Population - 2021 Individual PAN Card Holders India Demat Accounts India NSE Active Clients 26% (Mn) 26% 175 Mn 48 Mn 732 Mn (Sep ‘24) (Sep ‘24) 1.4 Bn (Mar ‘24) 12.2% of total 3.3% of total populati
Slide 20: Digital Brokers At The Forefront Of Driving Penetration
Digital Brokers At The Forefront Of Driving Penetration Share Of Top 5 Digital Brokers In Incremental NSE Active Clients Industry -0.66 -2.05 -2.66 -1.77 27% 23% Others 34% 29% 29% Industry Angel One +0.16 +0.06 +0.04 +0.13 de-grew but Angel Other Digital One Brokers (Part of -0.42 -1.00 -1.40 -0.64
Slide 21: Trade Volumes De-linked To Market Cycles
Trade Volumes De-linked To Market Cycles Consistent Improvement In NSE Trade Volumes Despite Market Volatility Over Last 17 Years FY23: Geopolitical 24,000 Tensions 110 Nifty 50: -1% FY16: Slowing China Trades: +92% 100 20,000 GDP, Greek Debt FY20: COVID-19 90 Number of Trades (Bn) FY12: High Inflat
Slide 22: Rising Holding Of Retail Investors In NSE Listed Companies
Rising Holding Of Retail Investors In NSE Listed Companies Ownership Pattern In NSE-listed universe Promoter (Indian + Promoter (Indian + Promoter (Indian + Promoter (Indian + 51.0% 50.4% 51.9% • Individual investors’ direct Govt + Foreign) Govt + Foreign) Govt + Foreign) Govt + Foreign) holding in
Slide 23: Regulations Have Strengthened Guardrails And Built Retail Confidence
Regulations Have Strengthened Guardrails And Built Retail Confidence Regulations Have Positive Impact On Industry Growth 600.0 200.0 Growth Growth 1.4x Demat | 2.2x ADTO 1.6x Demat | 5.1x ADTO 538.6 498.9 180.0 500.0 175.4 446.4 160.0 461.4 Up-streaming 162.3 400.0 of Client Funds 154.4 151.4 352.4
Slide 24: Table Of Contents
Table Of Contents 01 Q1 ’25 Highlights 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 23
Slide 25: Consolidated Financial Performance
Consolidated Financial Performance (₹ Mn) Gross Revenues EBDAT Profit After Tax Gross Broking Interest Income Other 51.3% 37.7% 49.9% Margin +44% +43% +39% 15,160 4,234 14,101 5,977 2,210 1,983 3,045 10,493 2,927 3,594 2,944 4,185 4,194 1,411 1,812 9,173 9,356 7,270 Q2 '24 Q1 '25 Q2 '25 Q2 '24 Q1 '2
Slide 26: Segmental Revenue Break Up
Segmental Revenue Break Up Gross Revenue Mix Gross Broking Interest Depository Distribution Ancillary Transaction Charges Other Income 9% 0% 8% 1% 2% 8% 1% 1% 1% 3% 4% 5% 17% Q2 ‘24 21% Q1 ‘25 Q2 ‘25 24% 62% 65% 69% Gross Broking Revenue Mix F&O Cash Commodity Currency 4% 0% 5% 0% 6% 0% 11% 11% 13%
Slide 27: Net Broking Revenue & Margin Profile
Net Broking Revenue & Margin Profile Reported EBDAT Margin Normalised EBDAT Margin Contribution to Net Broking Revenue EBDAT Margin* : Direct Business (₹ Mn) Direct Business Assisted Business 54% 51% 51% 50% 47% 42% 46% 41% 41% 6,982 39% 6,801 32% 48% 1,574 1,522 (23%) 5,232 (22%) Q2 '23 Q3 '23 Q4 '
Slide 28: Client Funding Book Spread Over Large Customer Base
Client Funding Book Spread Over Large Customer Base Client Funding Book Size Low Per Client Exposure Client Funding Book Segmentation (% of clients using the facility) (₹ Mn) (₹) 42,628 <₹ 0.1mn ₹ 0.1-0.5mn >₹ 0.5mn 2,07,896 6.3% 6.4% 7.3% 34,094 1,79,868 10.1% 9.6% 10.8% 1,17,432 19,459 83.7% 84.0%
Slide 29: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Particulars (₹ Mn) Q2 FY25 Q1 FY25 Q2 FY24 FY24 FY23 (a) Interest Income 3,594 2,944 1,812 7,859 5,195 (b) Fees and commission income 11,496 11,080 8,649 34,792 24,760 (c) Net gain on fair value changes 57 30 18 66 61 Total Revenue from operations (I) 15,147 14,0
Slide 30: Summary Of Consolidated Balance Sheet
Summary Of Consolidated Balance Sheet Particulars (₹ Mn) Sep ’24 Mar ’24 Financial Assets (a) Cash, cash equivalents and Bank Balance 1,08,123 98,443 (b) Other Trade Receivables 404 1,940 (c) Client Funding Book 42,628 17,771 (d) Investments 3,546 0 (e) Other financial assets 23,790 8,510 Non-financ
Slide 31: Table Of Contents
Table Of Contents 01 Q1 ’25 Highlights 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 30
Slide 32: Board Of Directors & Experienced Management Team
Board Of Directors & Experienced Management Team Board of Directors Dinesh Thakkar Muralidharan Ramachandran Mala Todarwal Krishnaswamy Sridhar Kalyan Prasath Chairman and Managing Independent Director Independent Director Independent Director Independent Director Director N T Arunkumar Krishna Iyer
Slide 33: People Practices & Social Empowerment
People Practices & Social Empowerment Robust Employee Engagement Angel’s CSR Programmes Maharashtra Jammu & Kashmir Rajasthan Madhya Pradesh Skilling and Gujarat Tamil Nadu placement of youth Karnataka West Bengal Great Place to Work Delhi – NCR Telangana ✓ Consecutive 3 years in Top 100 Best Compan
Slide 34: Awards & Accolades
Awards & Accolades Technology Industry Marketing Data-driven innovation in customer Most effective use of social media for engagement and sales optimisation by Leading Member of the Exchange by Angel One's YouTube channel by Pitch ET Now at Datacon Summit and Awards MCX Awards 2024 BFSI Marketing Aw
Slide 35: Table Of Contents
Table Of Contents 01 Q1 ’25 Highlights 02 Business Model: Angel’s Advantage 03 Industry Landscape 04 Financial Overview 05 About Us 06 Annexures 34
Slide 36: Proposed Group Restructuring: Preparing To Play The Long-Term Strategy
Proposed Group Restructuring: Preparing To Play The Long-Term Strategy Proposed Group Structure Common Tech & Product Broking: Broking: Lead Generation Development & Infra. Mutual Fund Distribution AMC Sponsor Assisted Business Direct Clients (Super App) 100% subsidiaries Angel Financial Mimansa Ang
Slide 37: Robust Client Additions
Robust Client Additions India: Incremental Demat Accounts Angel: Incremental Client Base +49% +86% (Mn) (Mn) +142% -28% 36.9 8.5 34.6 +121% -10% 24.8 24.1 5.1 5.2 +188% 4.6 +341% 14.3 2.3 5.0 0.5 FY20 FY21 FY22 FY23 FY24 H1 '25 FY20 FY21 FY22 FY23 FY24 H1 '25 Angel’s market share in incremental dema
Slide 38: Angel Gaining Market Share In NSE Active Client Base
Angel Gaining Market Share In NSE Active Client Base Expanding Market Share In NSE Active Client Base 415 bps Expansion In Market Share 14.6% 14.8% 15.0% 15.2% 15.4% 14.3% 13.1% 11.2% 12.0% Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Angel One’s Ranking In Incremental NSE Active C
Slide 39: Order Volumes Are Key Revenue Driver
Order Volumes Are Key Revenue Driver Trend Of Angel One’s Orders Angel One’s NSE Active Client Base (Mn) (Mn) 7.4 489 6.7 471 462 6.1 5.3 4.9 350 338 4.4 4.2 4.2 4.3 263 249 230 226 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25
Slide 40: Angel One's Average Orders Increased In >80% Instances
39 0% -60% -30% 90% 30% 60% 18 Apr - 15 May 2019 25 4 Jun - 19 Jun 2019 31 5 Jul - 5 Aug 2019 24 Sep - 7 Oct 2019 3 Jan - 1 Feb 2020 12 Feb - 23 Mar 2020 30 Mar - 3 Apr 2020 4 May - 18 May 2020 8 Jul - 15 Jul 2020 Fall in Nifty50 24 Jul - 3 Aug 2020 31 Aug - 24 Sep 2020 15 Jan - 29 Jan 2021 16 Feb -
Slide 41: Retail ADTO Market Share Across Segments
Retail ADTO Market Share Across Segments Market share based on notional Market share based on notional turnover for equity futures, premium turnover Overall Equity Market Share (%) turnover for equity derivatives for equity options 21.7% 21.5% 22.8% 18.9% 19.3% 15.9% 16.5% 17.2% 18.1% Q2 '23 Q3 '23
Slide 42: FinTech Business Drives Multifold Increase In Client Activity
FinTech Business Drives Multifold Increase In Client Activity Strong Growth In Overall ADTO Cash Segment Orders Overall ADTO (₹ Trn) No of Orders (Mn) Cash Delivery Cash Intraday (Mn) 50.0 462 489 595 471 510 9.9mn 40.0 350 117 425 102 97 Peak 338 30.0 orders 340 42 263 249 74 handled 230 226 62 39
Slide 43: Company: Investor Relations Advisors
Company : Investor Relations Advisors : http://www.sgapl.net/images/sgapl_logo.jpg Angel One Ltd. Strategic Growth Advisors Pvt. Ltd. CIN – L67120MH1996PLC101709 CIN - U74140MH2010PTC204285 Mr. Hitul Gutka – Head IR Mr. Shogun Jain / Mr. Shrikant Sangani Email Id – hitul.gutka@angelbroking.com shogu