Angel One Limited has released its business performance update for Q3 FY25, showcasing robust year-on-year (YoY) growth in its client base and mutual fund SIP registrations, but significant declines in several key metrics on a quarter-on-quarter (QoQ) basis. Here’s a detailed analysis:
Key Metrics Performance
Client Base and Acquisition
- Client Base: Grew 51.7% YoY to 29.52 million as of December 31, 2024, up from 19.45 million in Q3 FY24. The QoQ growth stood at 7.4%.
- Gross Client Acquisition: Declined by 30.3% QoQ to 2.09 million, and by 15.2% YoY, signaling challenges in maintaining acquisition momentum.
Trading and Orders
- Number of Orders: 421.68 million orders executed in Q3 FY25, representing a 20.4% YoY increase but a 13.8% decline QoQ.
- Average Daily Orders (ADO): Dropped 9.6% QoQ to 6.91 million, despite an 18.4% YoY growth.
Average Daily Turnover (ADTO)
- Overall ADTO (Notional Turnover): Declined 11.8% QoQ to ₹40,052 billion, though up 11.3% YoY.
- Equity Futures & Options ADTO: Reduced by 11.9% QoQ to ₹39,347 billion, but grew 10.8% YoY.
- Commodity ADTO: Increased by 2.3% QoQ to ₹632 billion, with a strong YoY growth of 87.5%.
Mutual Fund SIPs
- Unique mutual fund SIP registrations surged 136.6% YoY to 2.26 million, reflecting Angel One’s strong traction in retail investment products.
Market Share
- Cash Turnover Market Share: Increased 147 basis points YoY to 16.5%, but saw a 95-basis-point drop QoQ.
- Commodity Turnover Market Share: Improved 149 basis points YoY to 60.3%, despite a 193-basis-point QoQ decline.
The company emphasized its intention to provide regular updates and maintain transparency. Angel One’s Q3 FY25 performance indicates a mixed bag, with impressive YoY growth in its client base and market share, but QoQ declines in key operational metrics.
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Angel One