{"id":143821,"date":"2023-04-19T08:32:26","date_gmt":"2023-04-19T12:32:26","guid":{"rendered":"https:\/\/44.250.171.167\/?p=143821"},"modified":"2023-04-19T08:32:28","modified_gmt":"2023-04-19T12:32:28","slug":"angel-one-ltd-q4-fy23-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/angel-one-ltd-q4-fy23-earnings-conference-call-insights\/","title":{"rendered":"Angel One ltd Q4 FY23 Earnings Conference Call Insights"},"content":{"rendered":"<p><strong>Key highlights from Angel One ltd (ANGELONE) Q4 FY23 Earnings Concall<\/strong><\/p>\n<p><strong>Management Update:<\/strong><\/p>\n<ul>\n<li>[00:04:32] ANGELONE said it ended the year with a client base of 13.8 million, making the company one of India\u2019s largest retail stock broker.<\/li>\n<\/ul>\n<p><strong>Q&amp;A Highlights:<\/strong><\/p>\n<ul>\n<li>[00:18:39] Swarnabha Mukherjee of B&amp;K Securities enquired if there has been any reclassification between interest income and other income. Vineet Agrawal Group CFO answered that the company has consolidated the income reflected in two parts of the financial statement into interest income for ease of understanding.<\/li>\n<\/ul>\n<ul>\n<li>[00:19:28] Swarnabha Mukherjee of B&amp;K Securities queried about other expenses increasing and employee expenses coming down slightly. Vineet Agrawal Group CFO replied that employee expenses came down mainly due to some reversals in the provision of variable pays made through the year. Other expense was driven by client acquisition cost.<\/li>\n<\/ul>\n<ul>\n<li>[00:21:02] Swarnabha Mukherjee of B&amp;K Securities asked about the reason for reversal of grant and if any reversals can be expected in upcoming quarters. \u00a0Vineet Agrawal Group CFO replied that in future there will not be any impact.<\/li>\n<\/ul>\n<ul>\n<li>[00:28:40] Sahej Mittal with HDFC securities asked about the fixed and variable component in the staffing cost. Vineet Agrawal Group CFO answered that the increments, variable pay and ESOP costs are variable in nature which is 30-35%.<\/li>\n<\/ul>\n<ul>\n<li>[00:30:00] Aditya Chheda at InCred enquired about the cash and cash equivalents and investments breakdown into company\u2019s cash and cash for margin requirements. Vineet Agrawal Group CFO clarified that of the 55 million of cash and cash equivalents, about 40 million is clients funds and the rest net worth of the company used for margins.<\/li>\n<\/ul>\n<ul>\n<li>[00:45:36] Nidhesh Jain enquired if the acquisition cost per customer has gone up now vs. the past. Dinesh Thakkar MD answered that it cannot be disclosed. But moving to deeper Tier 3 and beyond markets, ANGELONE doesn\u2019t focus on increase or decrease in cost of acquisition. The focus currently is on increasing market share.<\/li>\n<\/ul>\n<ul>\n<li>[00:49:16] Nidhesh Jain asked what are the rollout plans for other financial services products that will be revenue generating, following the success of the Super-App&#8217;s mutual fund SIP. Saurabh Agarwal said ANGELONE launched MFs in the beginning of the year and experienced significant growth. They are focusing on unsecured consumer lending for retail customers and expanding into insurance to generate more revenue.<\/li>\n<\/ul>\n<ul>\n<li>[00:50:48] Ajox Frederick at Sundaram Mutual asked about the reason behind the substantial jump in orders per NSE active client in the F&amp;O space from 40 to 50 in 4Q23. Saurabh Agarwal answered that overall, it is not right to compare the total client base of NSE with the orders that are placed on their platform. The client base is driven by investors, while orders are driven by a combination of investor and other categories of products.<\/li>\n<\/ul>\n<ul>\n<li>[00:52:39] Ajox Frederick at Sundaram Mutual queried that given improving persistency and visibility, why ANGELONE is sticking with a 45-50% EBITDA margin instead of taking advantage of potentially more profitable products. Dinesh Thakkar MD said ANGELONE is not conservative, but will be conscious about spending and maintaining an operating margin of 45-50%, while still investing in new technologies and acquiring customers for its cohorts.<\/li>\n<\/ul>\n<ul>\n<li>[00:54:49] Ajox Frederick at Sundaram Mutual asked about the ESOP costs going forward. Dinesh Thakkar MD said the company has allotted PSUs for achieving stretch targets this year, in addition to the normal ESOP and RSU allotment of INR25 crores.<\/li>\n<\/ul>\n<ul>\n<li>[00:58:13] Anand Bhavnani of White Oak asked about the market share targets in terms of ADTO business for FY24. Dinesh Thakkar MD replied ANGELONE would be spending to gain more market share. Already, it\u2019s done in every concerned quarter. Therefore, the focus would be increasing market share.<\/li>\n<\/ul>\n<ul>\n<li>[01:00:05] Deepak Sonawane of Haitong Securities asked if there any agencies the company pays commission or fees for getting clients active. Vineet Agrawal CFO replied that the fees and commission expenses only cover the revenue sharing with sub-brokers and authorized persons.<\/li>\n<\/ul>\n<ul>\n<li>[01:04:22] Aejas Lakhani from Unifi Capital asked how the company expect the behavior of customers who have not seen market cycles to be different from those in the pre-digital era. Dinesh Thakkar MD said empirical data covers events like the dotcom and global financial crises, and when looking at customer behavior over five years and beyond, it shows a consistent customer base that does not drop significantly. Digital platforms have improved customer service and retention.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from Angel One ltd (ANGELONE) Q4 FY23 Earnings Concall Management Update: [00:04:32] ANGELONE said it ended the year with a client base of 13.8 million, making the company one of India\u2019s largest retail stock broker. Q&amp;A Highlights: [00:18:39] Swarnabha Mukherjee of B&amp;K Securities enquired if there has been any reclassification between interest income [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":125416,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"Angel One ltd Q4 FY23 Earnings Conference Call Insights #ANGELONE #Q4 #FY23 #Earnings #Stocks","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,1],"tags":[9768,10169,8265],"class_list":["post-143821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-finance-stocks","tag-broking","tag-earnings","tag-finance"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":143801,"url":"https:\/\/alphastreet.com\/india\/angel-one-ltd-angelone-q4-fy23-earnings-concall-transcript\/","url_meta":{"origin":143821,"position":0},"title":"Angel one ltd (ANGELONE) Q4 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"April 18, 2023","format":false,"excerpt":"Angel one ltd (NSE: ANGELONE) Q4 FY23 earnings concall dated Apr. 18, 2023 Corporate Participants: Hitul Gutka\u00a0--\u00a0Head of Investor Relations Dinesh D. Thakkar\u00a0--\u00a0Chairman and Managing Director Vineet Agrawal\u00a0--\u00a0Chief Financial Officer Prateek Mehta\u00a0--\u00a0Chief Business Officer Devender Kumar\u00a0--\u00a0Head of Online Revenue Saurabh Agarwal\u00a0--\u00a0Chief Experience Officer, Head of New Business Ankit Rastogi\u00a0--\u00a0Chief Product\u2026","rel":"","context":"In &quot;Earnings Call Transcripts&quot;","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":143813,"url":"https:\/\/alphastreet.com\/india\/icici-lombard-general-insurance-company-limited-q4-fy23-earnings-conference-call-insights\/","url_meta":{"origin":143821,"position":1},"title":"ICICI Lombard General Insurance Company Limited Q4 FY23 Earnings Conference Call Insights","author":"Praveen","date":"April 19, 2023","format":false,"excerpt":"https:\/\/youtu.be\/R_R6giPfCRU Key highlights from ICICI Lombard General Insurance Company Limited (ICICIGI) Q4 FY23 Earnings Concall Management Update: [00:04:22] During 4Q23, ICICIGI said it experienced robust growth in its commercial lines segment, driven by a 15.9% increase in the SME segment. [00:05:17] ICICIGI\u2019s motor segment saw a de-growth of 11.5%, while\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":134931,"url":"https:\/\/alphastreet.com\/india\/icici-lombard-general-insurance-company-limited-q2-fy23-earnings-conference-call-insights\/","url_meta":{"origin":143821,"position":2},"title":"ICICI Lombard General Insurance Company Limited Q2 FY23 Earnings Conference Call Insights","author":"Praveen","date":"October 19, 2022","format":false,"excerpt":"https:\/\/youtu.be\/-VBJGGiJZvY Key highlights from ICICI Lombard General Insurance Company Limited (ICICIGI) Q2 FY23 Earnings Concall Q&A Highlights: [00:14:23] Swarnabha Mukherjee of B&K Securities asked about the sequentially higher retention level during 2Q23 in flow-through from gross written premium to net earned premium. Gopal Balachandran CFO answered that 1Q is typically\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":134823,"url":"https:\/\/alphastreet.com\/india\/icici-prudential-life-insurance-company-ltd-q2-fy23-earnings-conference-call-insights\/","url_meta":{"origin":143821,"position":3},"title":"ICICI Prudential Life Insurance Company Ltd Q2 FY23 Earnings Conference Call Insights","author":"Praveen","date":"October 18, 2022","format":false,"excerpt":"https:\/\/youtu.be\/Valps13JSgQ Key highlights from ICICI Prudential Life Insurance Company Ltd (ICICIPRULI) Q2 FY23 Earnings Concall Management Update: ICICIPRULI said that during the half year, it added 15,000 new agents, 3 new banks and 44 non-bank partnerships. Q&A Highlights: [00:22:52] Swarnabha Mukherjee from B&K Securities asked about the ROP product as\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":149332,"url":"https:\/\/alphastreet.com\/india\/angel-one-ltd-angelone-q1-fy24-earnings-concall-transcript\/","url_meta":{"origin":143821,"position":4},"title":"Angel one ltd (ANGELONE) Q1 FY24 Earnings Concall Transcript","author":"IRS_INDIA","date":"July 14, 2023","format":false,"excerpt":"Angel one ltd (NSE: ANGELONE) Q1 FY24 Earnings Concall dated Jul. 14, 2023 Corporate Participants: Hitul Gutka\u00a0--\u00a0Head-Investor Relations Dinesh D. Thakkar\u00a0--\u00a0Chairman and Managing Director Vineet Agrawal\u00a0--\u00a0Chief Financial Officer Devender Kumar\u00a0--\u00a0Head-Online Revenue Management Saurabh Agarwal\u00a0--\u00a0Chief Experience Officer-New Business Ketan Shah\u00a0--\u00a0Chief Strategy Officer Ankit Rastogi\u00a0--\u00a0Chief Product Officer JyotiSwarup Raiturkar\u00a0--\u00a0Chief Technology Officer Deepak\u2026","rel":"","context":"In &quot;Earnings Call Transcripts&quot;","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":175415,"url":"https:\/\/alphastreet.com\/india\/angel-one-ltd-angelone-q2-2025-earnings-call-transcript\/","url_meta":{"origin":143821,"position":5},"title":"Angel one ltd (ANGELONE) Q2 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Angel one ltd (NSE: ANGELONE) Q2 2025 Earnings Call dated Oct. 15, 2024 Corporate Participants: Hitul Gutka \u2014 Head, Investor Relations Dinesh D. Thakkar \u2014 Chairman & Managing Director Vineet Agrawal \u2014 Chief Financial Officer Saurabh Agarwal \u2014 CXO, New Business Nishant Jain \u2014 Chief Business Officer, Affiliate Channel Devender\u2026","rel":"","context":"In &quot;Earnings Call Transcripts&quot;","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/143821","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/1767"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=143821"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/143821\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/125416"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=143821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=143821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=143821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}