Angel One

Non-leveraged financials (Q3FY22 Results Preview): Strong earnings traction across most segments

Equity Bottom-Up
115 Views, 18 Jan 2022 17:03
EXECUTIVE SUMMARY

Brokers - growth expected to moderate: Despite healthy consolidation seen in index levels in Q3FY22, cash ADTVs (ex-prop) were sequentially flat whereas growth in derivatives ADTVs (ex-prop) continued unabated at 22% (estimated). A buoyant market for primary issuances resulted in an impressive pace of new investor additions at 7mn in the first 2 months of Q3 (H1FY22: 15mn). Despite flattish volume in the cash segment, delivery volume has increased; this, coupled with healthy derivates volume, is expected to boost broking revenues.

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