Indian brokerage Angel One posts higher quarterly profit as customer numbers climb
Indian brokerage Angel One posts higher quarterly profit as customer numbers climb Oct 15 (Reuters) - Indian brokerage Angel One ANGO.NS posted a 58% rise in second-quarter profit on Thursday, helped by higher trading volumes due to a steady growth in users.
India's stock market has seen a surge in retail investors as millions of first-time traders use cheap brokerage apps, digital payments and benefit from easier opening of online accounts.
Here are some details:
Angel One's client base grew 17.3% to 39.98 million in September, the brokerage said in an exchange filing earlier this month.
It posted a quarterly consolidated profit of 3.35 billion rupees ($35.24 million) in the quarter ended September 30, up from 2.12 billion rupees a year earlier.
Analysts, on average, expected a profit of 3.33 billion rupees, according to data compiled by LSEG.
The company's revenue from operations rose nearly 19% to 14.27 billion rupees, above estimates of 12.20 billion rupees.
Peer Groww BILO.NS posted a 54% rise in quarterly profit on Thursday, helped by a rise in new customers.
($1 = 95.0550 Indian rupees)
(Reporting by Aishwarya Jain in Bengaluru; Editing by Sonia Cheema)
((Aishwarya.Jain@thomsonreuters.com;))
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