ANGEL ONE 2024-25 Annual Report Analysis

Mon, 19 May

ANGEL ONE has announced its results for the year ended March 2025. Let us have a look at the detailed performance review of the company during FY24-25.

ANGEL ONE Income Statement Analysis

• Operating income during the year rose 22.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 17.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 37.8% in FY25 as against 39.6% in FY24.
• Depreciation charges increased by 106.9% and finance costs increased by 116.5% YoY, respectively.
• Other income grew by 14.6% YoY.
• Net profit for the year grew by 4.1% YoY.
• Net profit margins during the year declined from 26.3% in FY24 to 22.4% in FY25.

ANGEL ONE Income Statement 2024-25

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*	% Change
Net Sales	Rs m	42,717	52,384	22.6%
Other income	Rs m	81	93	14.6%
Total Revenues	Rs m	42,798	52,477	22.6%
Gross profit	Rs m	16,923	19,820	17.1%
Depreciation	Rs m	500	1,034	106.9%
Interest	Rs m	1,367	2,959	116.5%
Profit before tax	Rs m	15,137	15,920	5.2%
Tax	Rs m	3,882	4,199	8.2%
Profit after tax	Rs m	11,255	11,721	4.1%
Gross profit margin	%	39.6	37.8
Effective tax rate	%	25.6	26.4
Net profit margin	%	26.3	22.4

Essential Demand + Pricing Power = True Essential Stock

ANGEL ONE Balance Sheet Analysis

• The company's current liabilities during FY25 stood at Rs 112 billion as compared to Rs 102 billion in FY24, thereby witnessing an increase of 9.8%.
• Long-term debt down at Rs 8 million as compared to Rs 16 million during FY24, a fall of 47.5%.
• Current assets rose 25% and stood at Rs 122 billion, while fixed assets rose 44% and stood at Rs 61 billion in FY25.
• Overall, the total assets and liabilities for FY25 stood at Rs 182 billion as against Rs 140 billion during FY24, thereby witnessing a growth of 30%.

ANGEL ONE Balance Sheet as on March 2025

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*	% Change
Networth	Rs m	29,567	54,772	85.2
Current Liabilities	Rs m	101,805	111,742	9.8
Long-term Debt	Rs m	16	8	-47.5
Total Liabilities	Rs m	139,808	182,349	30.4
Current assets	Rs m	97,645	121,606	24.5
Fixed Assets	Rs m	42,162	60,743	44.1
Total Assets	Rs m	139,808	182,349	30.4

ANGEL ONE Cash Flow Statement Analysis

• ANGEL ONE's cash flow from operating activities (CFO) during FY25 stood at Rs -19 billion, an improvement of 463.8% on a YoY basis.
• Cash flow from investing activities (CFI) during FY25 stood at Rs -3 billion, an improvement of 274.3% on a YoY basis.
• Cash flow from financial activities (CFF) during FY25 stood at Rs 19 billion, an improvement of 44% on a YoY basis.
• Overall, net cash flows for the company during FY25 stood at Rs -3 billion from the Rs 9 billion net cash flows seen during FY24.

ANGEL ONE Cash Flow Statement 2024-25

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-24	Mar-25
Cash Flow from Operating Activities	Rs m	-3,299	-18,598	-
Cash Flow from Investing Activities	Rs m	-910	-3,408	-
Cash Flow from Financing Activities	Rs m	13,309	19,169	44.0%
Net Cash Flow	Rs m	9,099	-2,838	-

Current Valuations for ANGEL ONE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 129.8, an decline from the EPS of Rs 134.0 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 2,789.8, stands at 21.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.6 times, while the price to sales ratio stands at 4.8 times.
• The company's price to cash flow (P/CF) ratio stood at 19.3 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*
Sales per share (Unadj.)	Rs	508.5	580.2
TTM Earnings per share	Rs	134.0	129.8
Diluted earnings per share	Rs	124.5	129.6
Price to Cash Flow	x	23.4	19.3
TTM P/E ratio	x	24.5	21.5
Price / Book Value ratio	x	7.2	4.5
Market Cap	Rs m	212,507	245,807
Dividends per share (Unadj.)	Rs	34.7	48.0

Ratio Analysis for ANGEL ONE

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.1x during FY25, from 1.0x during FY24. 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 6.4x during FY25, from 12.1x during FY24. 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 21.4% during FY25, from 38.1% during FY25. 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 34.5% during FY25, from 55.8% during FY24. 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 8.1% during FY25, from 9.0% during FY24. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*
Current ratio	x	1.0	1.1
Debtors’ Days	Days	42	21
Interest coverage	x	12.1	6.4
Debt to equity ratio	x	0.0	0.0
Return on assets	%	9.0	8.1
Return on equity	%	38.1	21.4
Return on capital employed	%	55.8	34.5

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 2,757.1 to Rs 2,789.8, registering a gain of Rs 32.7 or around 1.2%.

Overall, the S&P BSE SENSEX is up 12.7% over the year.

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