Earning and Concall for Q2 FY24 for my PF and Watchlist Cos.
Earning Season kicks off with Angel One for me. Few take aways from the earnings and concall
Angel One
- My thesis was that the co would have 1240 cr profit in Fy25. After Q2 the TTM profit is 1020 cr and if we annualize the Q2 then the profit would be 1200 cr already. So, I expect the co to surpass my estiamte of 1240 cr in FY25
- AMC licence may come in Q4 FY24 or Q1 FY25 by latest
- Looking at Wealth management as well and targeting customers with 50lakh – 1 cr PF. More details in next Quarter
- Lending business should start in this Fy (Off balance sheet)
- Sensex FnO didn’t contribute much in this Q. Needs to see the full impact in next Q
- Probably the weekly expiry on everyday
is gonna see full impact in next Q, so expect the quarterly Revenue and Profit runrate to sustain - One interest thing point to ponder upon: The LTV of a customer would be high compared to CAC (Customer Acquisition Cost) as most of the customers are coming in at 25-26 Years of age
I shall keep updating this post as and when I review my PF and Watchlist Cos. And I shall share only few bullet points for sake of simplicity as I don’t prefer going too deep analysis or analysis paralysis
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