Motilal Oswal's research report on ANGEL One
ANGELONE’s 4QFY23 PAT surged 30% YoY to INR2.7b (11% beat led by reversal of ESOP expense). Net revenue was 4% higher than our estimates at INR5.3b (+31% YoY), mainly due to 16% beat in net interest income. Overall operating expenses (opex) grew 19% YoY to INR2.73b (7% below our expectations). ESOP costs declined 32% QoQ, which had largely offset the impact of 28% sequential increase in other expenses to INR1.97b (11% above our estimates). CIR declined substantially to 42.5% (better than our estimate of 47.1%) from 46.0% in 3QFY23; CIR improved 264bp YoY. Ex-ESOP reversal, CIR would be in line with our expectations. The number of orders spiked to 263m in 4Q from 226m in 3QFY23. The Board recommended a final dividend of INR4 per share; this was in addition to INR35.9 per share interim dividend declared in FY23. For FY23, ANGELONE reported 41%/48% growth in total income/PAT to INR16.5b/INR6.2b.
Outlook
We raise our FY24/FY25 earnings estimates by 6.1%/7.0% to factor in higher revenue. We reiterate our BUY rating on the stock with a revised TP of INR1,800 (premised on 13x Mar’25E EPS).
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
