• CAS recovery: Angel One welcomed SEBI’s CAS decision, expected to bring some additional volume when implemented on 7 December. Its orders rose from 52 lakh per day in August to 58 lakh per day in September, while industry options ADTO was up 39% month-to-date as of 14 October.
• Earnings and margins: The 45% quarter-on-quarter PAT increase partly reflected IPL costs in the previous quarter; year-over-year PAT rose 58% and revenue 19%. Standalone OPM reached 49%, against guidance of 45% or above, as the platform scaled.
• Business diversification: September lending distribution was around ₹280 crore and the quarter’s total was ₹690 crore; wealth AUM reached ₹16,000 crore, up 107% year-over-year, while AMC AUM rose 40%.
• MTF and outlook: Management described MTF as very low risk for the broker because it takes higher margins based on the securities involved. It expects margins to remain above 45%, with 50% and higher possible if macro and industry conditions support them.
• Revenue mix: Broking’s share of revenue is declining over time even as broking revenue increases. Other income, excluding interest and broking, was around 4.8% this quarter; the company aims for low double-digit revenue from insurance distribution, lending distribution, wealth and AMC over the next 2 to 3 years.