Angle One share prices rallied up 3% in early July 14, a day after the stock broking house reported 21.6% YoY growth in consolidated net profit of Rs 220.8 crore for Q1FY24.

The company surpassed the 15 million user mark and achieved its highest-ever market share across retail overalls equity turnover and NSE active clients.

Angle One’s revenue for the quarter grew by 18.4% at Rs 807.5 crore YoY, while EBITDA jumped 20.2% to Rs 320.3 crore, and the margin expanded by 60 basis points to 39.7% in the Q1 for the current fiscal year.

The top line and bottom diminished sequentially by 2% and 17%, respectively.

The company is diversifying into other financial services, with 69% gross revenue from broking, 18% from interest, 3% from depository, 8% from ancillary, and 1% from other incomes.

The company’s active NSE client base share went up by 370 basis points YoY to 14.3%. The total client base grew by 44.7% to 15.1 million users, and the average daily turnover jumped to a tremendous 141.8% YoY to Rs 22.7 lakh crore.

As per the report, 49% of the new clients added were younger than 25, and 89% came from Tier 2, 3 cities and beyond.

Commenting on this trend, Angel One’s chairman and managing director, Dinesh Thakkar, said last month, “I feel today’s situation is different from the past for two reasons: regulations and access to information are much better today, and there have been major changes in terms of demographics and socioeconomics.”

At 9:20 am, the stock was quoted at Rs 1,803.35 on the NSE, higher by 3% from the previous close.