ANGEL ONE 2023-24 Annual Report Analysis

Mon, 22 Jul

ANGEL ONE has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

ANGEL ONE Income Statement Analysis

• Operating income during the year rose 42.3% on a year-on-year (YoY) basis.
• The company's operating profit increased by 30.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 39.6% in FY24 as against 43.1% in FY23.
• Depreciation charges increased by 65.0% and finance costs increased by 50.3% YoY, respectively.
• Other income declined by 60.8% YoY.
• Net profit for the year grew by 26.4% YoY.
• Net profit margins during the year declined from 29.7% in FY23 to 26.4% in FY24.

ANGEL ONE Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	30,016	42,717	42.3%
Other income	Rs m	207	81	-60.8%
Total Revenues	Rs m	30,222	42,798	41.6%
Gross profit	Rs m	12,924	16,923	30.9%
Depreciation	Rs m	303	499	65.0%
Interest	Rs m	909	1,367	50.3%
Profit before tax	Rs m	11,918	15,137	27.0%
Tax	Rs m	3,016	3,881	28.7%
Profit after tax	Rs m	8,902	11,256	26.4%
Gross profit margin	%	43.1	39.6
Effective tax rate	%	25.3	25.6
Net profit margin	%	29.7	26.4

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ANGEL ONE Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 102 billion as compared to Rs 59 billion in FY23, thereby witnessing an increase of 72.5%.
• Long-term debt stood at Rs 25 million as compared to Rs 5 million during FY23, a growth of 397.2%.
• Current assets rose 59% and stood at Rs 120 billion, while fixed assets rose 282% and stood at Rs 20 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 140 billion as against Rs 81 billion during FY23, thereby witnessing a growth of 73%.

ANGEL ONE Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	21,037	29,567	40.5
Current Liabilities	Rs m	59,079	101,923	72.5
Long-term Debt	Rs m	5	25	397.2
Total Liabilities	Rs m	80,784	139,808	73.1
Current assets	Rs m	75,653	120,217	58.9
Fixed Assets	Rs m	5,131	19,591	281.8
Total Assets	Rs m	80,784	139,808	73.1

ANGEL ONE Cash Flow Statement Analysis

• ANGEL ONE's cash flow from operating activities (CFO) during FY24 stood at Rs -3 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -910 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 13 billion, an improvement of 247% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 9 billion from the Rs -3 billion net cash flows seen during FY23.

ANGEL ONE Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	8,042	-3,299	-
Cash Flow from Investing Activities	Rs m	-1,851	-910	-
Cash Flow from Financing Activities	Rs m	-9,081	13,309	-
Net Cash Flow	Rs m	-2,890	9,099	-

Current Valuations for ANGEL ONE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 134.0, an improvement from the EPS of Rs 106.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 2,099.0, stands at 15.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 6.4 times, while the price to sales ratio stands at 4.1 times.
• The company's price to cash flow (P/CF) ratio stood at 18.1 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	359.8	508.5
TTM Earnings per share	Rs	106.7	134.0
Diluted earnings per share	Rs	98.8	124.9
Price to Cash Flow	x	11.4	18.1
TTM P/E ratio	x	11.8	15.8
Price / Book Value ratio	x	6.0	7.2
Market Cap	Rs m	126,047	212,507
Dividends per share (Unadj.)	Rs	39.9	34.7

Ratio Analysis for ANGEL ONE

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.2x during FY24, from 1.3x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 12.1x during FY24, from 14.1x during FY23. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company declined and down at 38.1% during FY24, from 42.3% during FY24. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company declined and down at 55.8% during FY24, from 61.0% during FY23. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company declined and down at 9.0% during FY24, from 12.1% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	1.3	1.2
Debtors’ Days	Days	46	42
Interest coverage	x	14.1	12.1
Debt to equity ratio	x	0.0	0.0
Return on assets	%	12.1	9.0
Return on equity	%	42.3	38.1
Return on capital employed	%	61.0	55.8

To see how ANGEL ONE has performed over the last 5 years, please visit here.

ANGEL ONE Share Price Performance

Over the last one year, ANGEL ONE share price has moved up from Rs 1,622.6 to Rs 2,099.0, registering a gain of Rs 476.5 or around 29.4%.

Overall, the S&P BSE SENSEX is up 20.6% over the year.

(To know more, check out historical annual results for ANGEL ONE and quarterly results for ANGEL ONE)