Angel One Soars with 44% Revenue Surge: A Record-Breaking Quarter

Angel One, a leading broking firm, announced impressive financial results for the second quarter of FY25, reporting revenue from operations of ₹1,514.7 crore. This figure represents a remarkable 44% year-on-year increase, highlighting the company's robust growth trajectory in a competitive market.

Profit Growth and EBITDA Margin
The company's net profit also saw a significant rise, reaching ₹423 crore, which is a 39% increase compared to the previous year. Angel One achieved an EBITDA margin of 44.4% during this quarter, up from 42.3% in the same period last year, underscoring its operational efficiency and profitability.

Client Base Expansion
As of the end of September, Angel One's client base reached an impressive 2.75 crore, marking an 11.2% increase quarter-on-quarter. This growth included the addition of 20 new clients in the last quarter, reflecting the company's successful strategies in attracting and retaining customers.

Market Position and Competitive Landscape
Dinesh Thakkar, CMD of Angel One, highlighted that the company now holds a 19.3% share of the overall retail equity turnover in India. This positions Angel One favorably against competitors like Zerodha, Groww, and Upstox, with its market share of total demat accounts increasing to 15.7% from 13.2% a year ago.

Challenges and Expenses
Despite these positive outcomes, Angel One's shares have faced a 22% decline this year. The company attributed part of its higher expenses to costs associated with employee and stock options, particularly due to the onboarding of talent in wealth management, technology, product development, and data analytics.

Conclusion

In summary, Angel One's robust financial results for Q2 FY25 reflect its strong performance in revenue and profit growth, driven by an expanding client base and effective market strategies. While the company faces challenges in the form of increasing expenses and share price fluctuations, its commitment to enhancing operational efficiency and market share positions it well for continued success in the competitive broking landscape.

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Buy Petronet LNG; Target of ₹425: Emkay Global Financial

Emkay Global Financial has issued a bullish recommendation on Petronet LNG (PLNG), upgrading the stock to a 'Buy' rating with a revised target price of ₹425 per share. This upgrade comes as part of their research report published on October 2, 2024. The firm increased the target price by 16%, citing strong fundamentals and a positive outlook for the company.

Q1 Performance and Future Outlook

In the first quarter of FY24, Petronet LNG saw high utilization rates at its Dahej terminal, primarily driven by the power sector. Although this demand has now normalized, Emkay Global is optimistic that the company can achieve nearly 100% utilization for the remainder of the fiscal year.

The commencement and eventual ramp-up of Exxon's second 1.2 mmtpa term contract, coupled with higher tariffs at the Kochi terminal, are expected to increase Petronet's earnings by 7-9% in FY26-27. Despite concerns over the QatarGas contract renewal in 2028 and potential tariff adjustments, the management has reassured that any rate reductions will be minimal, ensuring that minority shareholder interests are protected.

Valuation and Recommendation

Emkay Global has shifted its valuation method for Petronet LNG, now basing it on 15x the estimated earnings per share for September 2026 (EPS), as opposed to their earlier discounted cash flow (DCF) model. Despite uncertainties, the report emphasizes that there is still significant value in the stock, given the company's strong financial outlook and steady performance.

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