Angel One April-June Profit Halves Amid Lower Revenues, Higher Finance Costs

Angel One Ltd. saw its net profit tumble 55.0% on-year to ₹1.34 billion for April-June, dragged down by a sharp fall in revenue and rising finance costs. The bottomline also declined 25.7% sequentially.

Revenue from operations came in at ₹11.17 billion, down 19.9% from the year-ago period. On a quarter-on-quarter basis, however, revenue rose 8.3%. Other income dropped to ₹32.67 million from ₹49.97 million in the same quarter last year.

While total expenditure fell to ₹9.38 billion from ₹9.99 billion, finance costs surged 48.6% on year to ₹828.51 million, weighing on the company's earnings. Tax expenses too declined sharply to ₹486.79 million from ₹1.03 billion a year ago.