Angel One Limited · NSE:ANGELONE
Angel One — Q1 FY25 Earnings Presentation
41 slides from Angel One's earnings presentation, Jul 15, 2024
Slide 1: Exchange filing cover letter
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: Q1 '25 Investor Presentation
Q1 ‘25 Investor Presentation 15th July 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: Q1 '25 Performance
Q1 ‘25 Performance Client Acquisition Metrics Active Client Metrics Transaction Metrics Financial Metrics 24.7 Mn (+11.2% QoQ) 6.7 Mn (+9.8% QoQ) 462 Mn (-1.9% QoQ) ₹ 11.1 Bn (+4.9% QoQ) Total Client Base NSE Active Client Base Number of Orders Total Net Income 2.6 Mn (-10.5% QoQ) 2nd (Maintained) ₹
Slide 6: Enhancing Brand Visibility
Enhancing Brand Visibility IPL Significantly Enhanced Angel One’s Brand Visibility And Recall ✓ Investment as a part of our long-term growth strategy ✓ Noteworthy improvement across key Brand Health Metrics ✓ Higher recall to benefit as we diversify our product offering ✓ Amongst the Top 3 brands as
Slide 7: EBDAT Bridge
EBDAT Bridge 47.0% 48.0% Normalised +101 bps Normalised EBDAT Margin EBDAT Margin (₹ Mn) Q1 ‘25 Reported EBDAT impacted due to: 523 -401 258 -1,145 -21 • Upfront booking of IPL related 227 expenses • 10.3% of Q1 ‘25 Total Net Income • 2.9% Q-o-Q growth in Ex-IPL expenses: • 28.4% Q-o-Q growth in 5,3
Slide 8: Curating Better Client Experience
Curating Better Client Experience Encouraging Long-Term Investing Through Stock SIP And ETF SIP Facilitating Long- • Rehashed journeys for SIPs in ETF and Single Stock, facilitating better engagement and retention Term Investing • Improved discoverability of our stock advisory section Dedicated MTF
Slide 9: Scaling Up The Assisted Business
Scaling Up The Assisted Business Multi-Product Offering Multi-Channel Playbook • Equities, Commodities, Currencies • Associated Persons • Mutual Funds • Leading DSA’s Assisted • Insurance Products Business • Mutual Fund Distributors • Lending Products • Point of Sales Person • Fixed Income Products
Slide 10: Foraying Into Wealth Management
Foraying Into Wealth Management 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 Financial Data Sta
Slide 11: 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 10
Slide 12: 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 13: 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 Q1 ’25 Tier-1 Tier-2 Tier-3+ (Mn) <25 years >25 years 5.3 4.7 8.8 2.6 54% 52% 52% 56% 2.9 2.9 5.8 1.7 46% 48% 48% 44% 1.7 1.4 2.0 0.6 0.6 0.5
Slide 14: Expanding Multi-Product Relationship
Expanding Multi-Product Relationship Unique SIPs Registered (‘000) Consumer Credit Products 1,493 1,393 ❖ Building proprietary AI/ML models using internal 955 0.5 mn and external consumer data, to facilitate lending 725 Unique SIPs partners underwrite and collect better 431 registered in Jun ‘24 ❖ I
Slide 15: 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 16: 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 15
Slide 17: FinTech Model Enabling Penetration Of Vast Addressable Market
FinTech Model Enabling Penetration Of Vast Addressable Market India: Target Addressable Market India Population - 2021 Unique Accounts in Financial Individual PAN Card Holders India Demat Accounts India NSE Active Clients 26% Institutions (Mn) 26% 162 Mn 44 Mn 1.1 Bn 732 Mn (Jun ‘24) (Jun ‘24) 1.4 B
Slide 18: 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 Others 27% 23% 30% 34% 29% Industry Angel One +0.16 +0.06 +0.04 +0.13 de-grew but Angel Other Digital One Top 5 Digital Brokers* Brokers (Part of
Slide 19: 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 20: 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 21: 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 | 4.6x ADTO 498.9 180.0 500.0 446.4 160.0 461.4 Up-streaming 162.3 400.0 of Client Funds 154.4 151.4 352.4 140.0 143.9
Slide 22: 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 21
Slide 23: Consolidated Financial Performance
Consolidated Financial Performance (₹ Mn) Gross Revenues EBDAT Profit After Tax Gross Broking Interest Income Other 48.6% 44.8% 37.7% Margin +74% +37% +33% 4,755 14,101 13,585 4,194 3,400 1,983 1,869 2,927 2,944 3,056 2,476 2,208 8,111 1,088 1,448 9,240 9,173 5,575 Q1 '24 Q4 '24 Q1 '25 Q1 '24 Q4 '24
Slide 24: Segmental Revenue Break Up
Segmental Revenue Break Up Gross Revenue Mix Gross Broking Interest Depository Distribution Ancillary Transaction Charges Other Income 8% 1% 8% 1% 8% 1% 1% 1% 1% 3% 4% 4% 18% 18% Q1 ‘24 Q4 ‘24 21% Q1 ‘25 65% 69% 68% Gross Broking Revenue Mix F&O Cash Commodity Currency 5% 0% 4%0% 5% 0% 10% 11% 11% Q
Slide 25: 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% 45% 47% 41% 42% 41% 6,856 6,801 39% 32% 48% 1,557 1,522 (23%) (22%) Q1 '23 Q2 '23 Q3 '23 Q4
Slide 26: 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) (₹) <₹ 0.1mn ₹ 0.1-0.5mn >₹ 0.5mn 1,79,868 34,094 4.3% 4.4% 6.4% 8.1% 6.9% 9.6% 1,15,110 1,08,006 17,771 87.6% 88.7% 84.0% 11
Slide 27: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Particulars (₹ Mn) Q1 FY25 Q4 FY24 Q1 FY24 FY24 FY23 (a) Interest Income 2,944 2,476 1,448 7,859 5,195 (b) Fees and commission income 11,080 11,089 6,607 34,792 24,760 (c) Net gain on fair value changes 30 8 20 66 61 Total Revenue from operations (I) 14,055 13,57
Slide 28: Summary Of Consolidated Balance Sheet
Summary Of Consolidated Balance Sheet Particulars (₹ Mn) Jun ’24 Mar ’24 Financial Assets (a) Cash, cash equivalents and Bank Balance 1,10,781 98,443 (b) Other Trade Receivables 1,647 1,940 (c) Client Funding Book 34,094 17,771 (d) Investments 2,174 0 (e) Other financial assets 15,490 8,510 Non-fina
Slide 29: 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 28
Slide 30: 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 31: People Practices & Social Empowerment
People Practices & Social Empowerment Robust Employee Engagement Angel’s CSR Programmes Maharashtra Andhra Pradesh Rajasthan Jammu & Kashmir Skilling and Gujarat Madhya Pradesh placement of youth Karnataka Tamil Nadu Delhi – NCR West Bengal Great Place to Work ✓ Consecutive 3 years in Top 100 Best C
Slide 32: Awards & Accolades
Awards & Accolades Technology Industry Marketing Best Customer Centric Culture in Fintech hosted by expleo organised by Gold for the Best Financial Inclusion Best Use of Video (BFSI) at Digixx Quantic at 2nd Annual Excellence Campaign at e4m Do Good Awards Awards 2024 Awards 2023 Recognition for bei
Slide 33: 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 32
Slide 34: 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 35: 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 5.1 +188% 4.6 +341% 14.3 10.9 2.3 2.5 5.0 0.5 FY20 FY21 FY22 FY23 FY24 Q1 '25 FY20 FY21 FY22 FY23 FY24 Q1 '25 Angel’s market share in incremental dema
Slide 36: 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 458 bps Expansion In Market Share 14.6% 14.8% 15.0% 15.2% 14.3% 13.1% 11.2% 12.0% 10.6% Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Angel One’s Ranking In Incremental NSE Active C
Slide 37: 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) 471 462 6.7 6.1 350 338 5.3 4.9 4.3 4.4 263 4.2 4.2 249 4.0 230 226 207 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24
Slide 38: Angel One's Average Orders Increased In 80% Of Instances
37 0% -60% -30% 90% 30% 60% 18 Apr - 15 May 2019 24 4 Jun - 19 Jun 2019 30 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 39: Retail ADTO Market Share Across Segments
Retail ADTO Market Share Across Segments Market share based on notional turnover Market share based on notional turnover for equity futures, premium turnover Overall Equity Market Share (%) for equity derivatives for equity options 20.8% 21.7% 21.5% 22.8% 18.9% 15.9% 16.5% 17.2% 18.1% Q1 '23 Q2 '23
Slide 40: FinTech Business Drives Multifold Increase In Client Activity
FinTech Business Drives Multifold Increase In Client Activity Strong Growth In Overall ADTO Cash Segment Orders 471 462 (Mn) 50.0 Overall ADTO (₹ Trn) No of Orders (Mn) 510 Cash Delivery Cash Intraday 13.7mn 350 425 102 40.0 338 97 Peak 340 30.0 263 249 74 orders 230 226 39 36 207 255 62 handled 44
Slide 41: Investor Relations Contacts
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