Pretty amazing numbers by angel
Despite # of trading days being 13% lower, 4% higher # of trades in jan-21.
Client aquisition is also accelerating which is remarkable in & of itself. Half a million clients aquired in jan-22.
If we are at the cusp of an economic recovery , it stands to reason that the market would do well. Stands to also reason that trading volume would go up.
To my mind biggest risk to angels current revenue base is any faltering in economi recovery. Eventually such a faltering would reflect in earnings & thus stock prices & could depress trading volumes & brokerage revenues. While i would not give too much weightage to rerating in my investment thesis, the growth in earnings can surprise even the most optimistic imo. With LIC ipo coming up, lot of demat accounts would get opened. Even if some of them remain to trade, we could we a shift in the revenue & earning base.
This also creates an opportunity for angel to quickly develop their super app & diversify the revenue base & earnings base away from brokerage partially towards investments, credit & Such like.
Disc : invested & biased. This is not a reco. Do your own due diligence.