Angel One - Risk-Reward Favorable; Business Momentum Intact: ICICI Securities


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Angel One Ltd. reported recovery in operating indicators in August 2022. The number of orders recovered to the monthly run-rate of 72.5 million in Aug-22. The average number of daily orders traded increased from 3.2 million in July 2022 to 3.6 million in Aug-22.

Client acquisition remained strong with 0.44 million adds in Aug-22 versus 0.34 million in Jul-22. Total client base stood at 11.2 million as of Aug-22.

However, margin trading facility book declined 4% month-on-month to Rs 13.7 billion despite 22% increase in cash average daily turnover to Rs 42 billion. There was market share loss in all segments except commodities.

Angel One’s overall market share contracted 44 bps month-on-month to 21.5%, derivatives market share fell 43 bps month-on-month to 21.6% and cash market share declined 87 bps month-on-month to 13.9%. Market share in commodities increased 374 bps month-on-month to 51.6% in Aug-22.

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