**Angel One Q1 FY 25 Concall Highlights**
· If there are restrictions on No.of expiries for F&O it would have little impact as there are still Weekly and monthly expires and trading goes across the month.
· Regarding Impact if the lot size increases management said they can mitigate the impact by levering charges on other segments, Also a participant asked what if the lot size increased to 20-30 lakhs the management said they can manage that level and not sure after that
For most of the questions on regulator actions management said we need more time to analyze the situation until clear guidance from the regulators They also said they have enough levers( if possible they are also looking to charge on equity delivery orders) to offset those impacts and Due the size they have there are more efficient than other 4 major online brokers
· Management commented they are confident that EBITA margins will be at 47-48% after a few quarters
· Remaining most of the questions on MTF and Wealth management segment
· AMC licenses are getting delayed due to elections it is in the final and they said they got great response on wealth management side Domain Knowledge, tech, and Relationship managers are their 3 pillars in it
· There is 1-1.5% impact on operating profit due to new business
· MTF – Margin Trading Facility allows to buy a stock by 1/4 of the total transaction value. Angel One funds the balance amount. Interest rate is 18% per annum.
Industry size: 75000 Crores, Angle one share is 5% and the top one has 20%
· Mgmt said if charges on F&O increases then customers shift to MTF
Question by participant: Does 0 brokerage on equity indirectly drive MTF
Mgmt: We don’t believe charges on equity delivery impact MTF book
· Mgmt believe there will be no change in Life time value of the customer
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