Angel One Q2 Results Review - Regulatory Changes Seem Manageable: Yes Securities

Yes Securities Report

We maintain ‘Buy’ rating on Angel One Ltd. with a revised price target of Rs 3875.

Management commentary seems to suggest that the impact from various regulatory changes will be well contained: In terms of the impact of the SEBI Circular on Equity Index Derivatives, management stated that it is very difficult to quantify the impact but they estimate that revenue from broking and related activity would erode by 13-14% on an immediate term basis.

This erosion should be viewed in the context of a 50-60% run rate for customer addition, which means that the impact would be negated in a quarter or two. Angel One had previously announced measures to mitigate the impact of True-to-label norms.

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