Angel Broking"

May 05, 2021

To,
Listing Department Department of Corporate Service
National Stock Exchange of India Limited BSE Limited
Exchange Plaza, C-1, G Block, Phiroze Jeejeebhoy Towers,
Bandra Kurla Complex, Dalal Street,
Bandra (East), Mumbai - 400 051. Mumbai - 400 001.

Symbol: ANGELBRKG Scrip Code: 543235

Dear Sir/Madam,

Sub: Investor(s) Presentation

With reference to above captioned subject, please find attached Investor presentation. The
Presentation will be uploaded on the Company's website at www.a11gclbroki11g.c:om.

Request you to kindly take the same on record.

Thanking You,
For Angel Broking Limited

Company Secretary and Compliance Officer

Membership No: A22506

Place: Mumbai
Date: May 05, 2021

Encl: As ab.ove

Regd Office: Angel Broking Limited

CSO & Corporate Office: CI N: L67120M Hl996PLC101709,
6th Floor, Ackruti Star, Central Road, G-1, Ackruti Trade Centre, MIDC, Road
No-7, Andheri (E) , Mumbai - 400 093. SEBI Registration No Stock Broker:
MIDC, Andheri (E) Mumbai-400 093.
Tel: (022) 6807 0100 1NZ000161534, CDSL: lN-DP-384-2018, PMS:
Tel: (022) 4000 3600 INP000001546, Research Analyst:
Fax:(022) 3935 7699 Fax: (022) 6807 0107
E-mail: [email protected] INH000000164, Investment Advisor:
Website: www.angelbroking.com 1NA000008172, AM Fl Regn . No. ARN-77404,
PFRDA, Regn. No.-19092018.
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1
Investor Presentation
May 2021

1
_ A Angel Broking·

Disclaimer

This presentation and the accompanying slides (the “Presentation”), which have been prepared by Angel Broking Limited (the “Company”), have been
prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and
shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will
be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no
representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and
reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may
consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are
individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to
known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the
performance of the Indian economy and of the economies of various international markets, the performance of the tire industry in India and world-wide,
competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological
implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market
risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from
results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this
Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and
the Company is not responsible for such third party statements and projections.

2
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~- A Angel Broking·

Digitalization: A Key Driver

••
•
••
•
Customers’ Choice For Access To Markets Using Proprietary Digital
Seamless Digital Experience Digital Platforms Properties

Equity Commodity Currency Lending

MFs Insurance Bonds Gold

Data Science Approach Superior Product & Service Trusted Brand With Growing
Using AI & ML Offerings For All Asset Classes Customer Base

3
_ A Angel Broking·

One Of The Largest Digital Retail Broking House

Digital Model: Scalable & Sustainable

4th Largest 3rd Largest 8.3%

In NSE Active Clients As On Mar’21 In Incremental NSE Active Clients In FY21 Share In NSE Active Client Base In Mar’21

1.56mn 38.0% 4.12mn

Total NSE Active Client Base As Of Mar ‘21 Of Overall Clients Are Active As On Mar’21 Total Client Base As Of Mar ‘21

No. 1 97.9% | 18,854

Stock Broking House In Authorised Persons
Pin-codes Across India With Angel’s Clients
Registered With NSE

No1 Stock Broking House in terms of Authorised Person as on Mar 31, 2021
Overall active clients = NSE Active Clients / Overall Client Base as on Mar 31, 2021 4
_ A Angel Broking·

Q4 & FY21: Key Performance Highlights

Q4 ’21 (QoQ Growth) FY21 (YoY Growth)

Highest Gross Client Addition 0.96 mn t 87% 2.36 mn t 322%

Highest Share In Incremental Demat Accounts 17.6% t 245bps 16.2% t 561bps

Highest Number of Trades 218 mn t 33% 671 mn t 149%

Highest Avg. Daily Turnover For The Period* ₹ 3.7 trn t 66% ₹ 2.0 trn t 380%

Highest Overall Retail Equity Turnover Market Share 20.8% t 468bps 16.0% t 1,055bps
Avg. Client Funding Book Size ₹ 9.6 bn t 69% ₹ 7.2 bn t 1%

Total Gross Revenues ₹ 4,189 mn t 33% ₹ 12,990 mn t 72%

Profit after tax from continuing operations ₹ 1,020 mn t 39% ₹ 2,981 mn t 243%

* Highest Avg. Daily Turnover For The Period is average for the entire period i.e. Q4 ‘21 and FY21
Market share in incremental Demat Accounts = Net client addition of Angel Broking for the period / Net demat addition of industry for the period 5
_ A Angel Broking·

Technology Powered Business

Peak trades handled in Q4 ’21, demonstrating

robust IT infrastructure
5.0 mn

App downloads* 10.3mn

Technology
Powered
Avg. time taken to onboard clients 5 mins

Direct clients on-boarded digitally

100%
•
Orders executed online by direct clients
>99%

• Orders placed through mobile app 75%+

One of the Best Trading Platform in India

* App downloads for Angel Broking Mobile App and Angel BEE upto Mar 31, ’21 6
 -
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~- A Angel Broking·

4th Fastest Growing App In Finance Category

India Mobile App Stats: 2020

I
, -------------------------------- ' I I
, -------------------------------- ' I I
, -------------------------------- ' I
India is the 2nd
I I I I I I
I
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24.27 bn I
I
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US$ 0.50 bn I
I
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650.66 bn I
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largest market
I
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App downloads I
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Consumer spend on apps I
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Hours spent I
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Globally in terms
\
'-------------------------------' I \
'-------------------------------~ I \
'-------------------------------' I
of hours spent

Asia Pacific Region

(Ranked based on YoY growth in Android Phone Time Spent among apps in Finance category across iOS & Google Play)
Australia India Indonesia Japan Sout h Ko rea

CommSec Mobile Kite Zerodha MetaTrader 4 PayPay Kiwoom Securities Hero S

1
a
Plus 500
C
Tez BCA mobile
el ,U.'!,S

Samsung Securities New MPOP

iSPEE o Msl

Westpac Online Investing PhonePe RTI Business -~.,1 ,1

d Payment
II
Mobile Securities Tree NAMUH

3
II
MetaTrader 4
II
Angel Broking Mandiri online
■
SBI Securities App
II
Korea Investment Stock

II II
so....
4
a
Zip - Shop Now, Pay Later Moneycontrol Binomo: Easy stock trading app Yahoo! Finance Mirae Asset Daewoo Integration m.Stock

Source: App Annie Intelligence Year-Over-Year Growth in Android phone

D • II
Time Spent Among apps in the Finance category across iOS & Google Play

Source: App Annie Intelligence 7

Note: Downloads and Consumer Spend are across iOS, Google Play, Third-Party Android in China combined; Spend is gross - inclusive of any percent taken by the app stores; Hours Spent is on Android phones
Our Transformational
Journey
~ -- - A Angel Broking·

Successful Digital Transformation Leading To A Scalable And Profitable Business Model

Pre – 2015 2015-19 2019 Onwards

Digital Model
• ZERO branches + Flat Pricing
Physical Model Physical + Digital Model
• 100% Digital Acquisition, On-
• 180+ branches • Reduced Branches boarding, Trade Execution,
• Large team of feet on street • Developed Digital Properties like Advisory for Direct Clients
• Physical process of client E-KYC, D-KYC, Digital Advisory • Extensive use of Artificial
acquisition and on-boarding ‘ARQ’, Angel BEE Intelligence & Machine Learning
to continuously improve digital
experience

Digital Properties Built In-house For Diverse And Growing Client Base Created An Open Architecture To Seamlessly Integrate 3rd Party Products

lil Angel Broking· AR iTrade •=itUOii

IJ Vested ~ smallcase

<Smar
Bu ilt by you
Pl>
ANGEL BEE
+ ~ SENSIBULL ♦ streak'"
SMART
SAUDA Smart Money
\'OurlNe,l,,lrlySl oc:k M<lflt.tt!U(>lJOtt,

Flat Fee Plan Trusted Partner

(Discount Brokerage Plan) Offering end-to-end Wealth Creation Solution
9
 -
- - -

- A Angel Broking·

End-To-End And Advanced Digital Experience

On-Boarding Daily Engagement Retention

Artificial Intelligence And Machine Learning Driven Client Engagement And Services

Data science driven approach to micro-target many segments of diverse audience

5+ Digital channels of engagement with clients and help them put their first trade

150+ Customer target segments to help and satisfy client needs throughout the lifetime of a customer

60+ Personalized offers ranging for cashbacks, scratch cards, trade-free periods, etc.

120+ Advisory segments based on client type, call types and frequency of trades to match the right advisory

6+ Machine Learning predictive & classification processes to customize programs for clients at the right time

Enhanced client engagement and experience through digitization of processes and augmentation of technological platforms
10
 -
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~- A Angel Broking·

Best In Class Product Suite

Seamless Experience Across Digital Platforms At Most Competitive Price

Angel Broking Angel Broking Machine learning based advisory, ARQ

Mobile App Web
"!!'I"'!!!!" lllllliiiiiiiii~-
:- -.
--
Straight through process for client on- ₹0
·-
,- .. .. - --- - - -- boarding within minutes For Equity Delivery.
: --
No Hidden Charges

“ARQ” Advisory App in 6 languages for New Bharat

Building financial ecosystem through strategic iTrade PRIME

partnerships

₹ 20
Angel Bee App NXT Platform DIY digitized pledging system
/order
Smart API for Algo traders For intraday, F&O,
Currencies & Commodities
Voice based search for future India

Launching new products shortly

11
 _ A Angel Broking·

Pioneered Robo-Advisory Through Our Flagship Advisory Product – ARQ

: -----------------------------------------~ I
I
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I Provides equity investment advisory services Alpha-generating algorithms based on multiple fundamental and I
I
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I ARQ I
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Provides superior risk-adjusted returns quantitative factors I

~-------------------------------------------------------------------:
ARQ Prime Outperforms Key Indices Key Features Of ARQ Prime

1.5x Outperformance
Proprietary digital advisory product
~11 months performance
(since inception) 93.0% Time-tested, outperformed BSE 100 by a healthy margin since
82.4%
inception
60.5% Delivered through our Mobile App in a simple user experience

Transparently displays return generated

BSE 100 Nifty Midcap ARQ Prime
How ARQ Prime Works
" ' "" ,,.,.,,.
= J;,CSC/\RC IADVIC:C

A One of the longest running, proven Smart Beta strategies in India

/\RO c:n:D .... , .... ,
A Rules back-tested intensively to select optimum model
M'tlNR.UQ.l'ftl.

HIIU u.11,1 .-.. A Multi-factor model recommends stocks across parameters

all
,\ Varies cash % in portfolio based on market outlook
---
, mu

. •
-• ,\ Robust risk management rules incorporated

Research service based on alpha generating algorithms

ARQ Prime and corresponding index performance from inception, 16th May 2020 – 31st Mar 2021 12
 -

_ A Angel Broking·

Competitive Product And Service Offering To Meet Holistic Financial Needs Of Clients

Free Research & Advisory Margin Funding

Fundamental | Technical | ARQ Seamless, Pre-approved limits
Advisory at no additional charge

Securities as collateral NIL fund transfer charges

F&O trading possible with delivery No additional charges for auto

shares as collateral square-off

Present at every step of our customers’ investment journey providing end-to-end offerings
13
Huge Untapped
Potential
_ A Angel Broking·

India, Largely Underpenetrated Market

Rising Penetration Of Demat Accounts In India Steady Growth In Demat Accounts In India
(Mn)
12.8% CAGR
Inflection Point 4.1% 35% YoY
Growth 55
3.1%
2.7% 41
2.4% 36
2.0% 2.1% 32
1.7% 1.7% 1.8% 25 28
21 22 23

FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21

Huge And Sustainable Growth Opportunity Share Of Incremental NSE Active Clients By Top 5 Digital Brokers

Long Term Growth Potential 32.0% ■ Top 5 Digital Brokers* ■ Others

29% 23% 26% 24% 31% 25% 27%
2.8x Medium Term 47%

>100%

>100%
Growth Potential
11.4% 71% 77% 74% 76% 69% 75% 73%
53%
4.1%

India China USA

Q2 '20
Q1 '20

Q3 '20

Q4 '20

Q1 '21

Q2 '21

Q3 '21

Q4 '21

FY20

FY21
(Mar '20) ■ Demat Accounts/Population (Dec '19) (2018)

Others lost clients

Digital Brokers well placed to capitalise on this large growth opportunity

Source: Census, World Bank, CDSL, NSDL, CSDC, FINRA, NSE * Top 5 Digital Brokers on incremental basis in Q4 FY21. Historical data mapped for these Top 5 Digital brokers.
USA Data Source: The National Financial Capability Study (NFCS) is a project of the FINRA In Q1 FY20 industry added 0.18mn in NSE Active Clients, of which 0.21mn were added by these Top 5 Digital Brokers and Others lost 0.03mn Clients 15
Investor Education Foundation (FINRA Foundation) In Q2 FY20 industry added 0.04mn in NSE Active Clients, of which 0.25mn were added by these Top 5 Digital Brokers and Others lost 0.21mn Clients
 _ A Angel Broking·

Digital Brokers Outpacing Competition

Top 5 Digital Brokers Constitute 47% In Cumulative NSE Active Clients Base

(Mn)
■ Top 5 Digital Brokers* ■ Others 18.9 Cumulative:
16.0
14.2 2.1x Growth
12.2 9.9
10.8 9.0
9.0 9.0 9.6
8.6
8.1
7.2 7.8
7.2 7.0 9.0 Top 5 Digital Brokers:
5.6 7.0 5.1x Growth
2.0 2.4 3.0 4.1
1.7
% Share of Top 5 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21
Digital Brokers in
19% 22% 25% 28% 34% 40% 44% 47%
Cumulative NSE Active
Client Base

------------------------------------------------------------------, I
I
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A Digitalization facilitates expansion in overall market I
I
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.A Tier 3 and Tier 2 cities driving growth I
I
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A Majority of incremental NSE Active Clients owned by Digital Brokers

I
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.A Digital Brokers with open architecture and digital properties build wide reach, thereby gaining market share I
I
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Angel in top quartile amongst Digital Brokers I

I
I

---------------------------------------------------------------------------------:

Source: NSE * Current Top 5 Digital Brokers on incremental basis in Q4 FY21. Historical data mapped for these Top 5 Digital brokers. 16
 Digital Business
Driving Exponential
Growth For Angel
 -
Angel Gaining Market Share In NSE Active Client Base
A Angel Broking·

Expanding Market Share In NSE Active Client Base

8.3% 1.7x
7.6% Expansion
7.1%
6.3% In Market
5.3% Share
4.8% 4.8% 4.9%

Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21

Angel’s NSE Active
Client Base (Mn)
& Rank DDDDDDDD
0.4
6th
0.4
6th
0.5
6th
0.6
5th
0.8
4th
1.0
4th
1.2
4th
1.6
4th

Enhanced Share In Incremental NSE Active Client Base

16.3%
13.6%
12.0% 11.8% 11.9%
7.8% 8.6%
6.7%

Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21 25x Growth In
Angel’s Incremental
NSE Active Clients &
Rank DDDDDDDD
14K
5th
6k
7th
39k
5th
105k
5th
190k
2nd
242k
3rd
212k
3rd
344k
4th
Incremental NSE
Active Client
Base 18
 -

_ A Angel Broking·

Leading To Large Expansion In Retail ADTO Market Share Across Segments

Overall Equity Market Share (%)

5.6x
Growth
_____.a
......_ __________ _________._L___ L--_
3.7% 4.7% 5.9% 6.9% 8.2% 12.3% 16.1% 20.8%

Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21

F&O Market Share (%)

20.9%
16.1%
12.1%
6.2x 3.4% 4.4% 5.6% 6.7% 7.8%
Growth
Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 FY21 Q2 '21 Q3 '21 Q4 '21

Cash Market Share (%)

17.3% 18.3% 17.6%

16.3%
13.8% 14.3% 14.0%
1.3x 12.7%
Growth
Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21

Commodity Market Share (%)

24.6% 28.4% 26.8% 25.5%

19.1% 20.9%
12.4% 14.5%
2.0x
Growth
Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21
Market Share is calculated on ADTO basis 19
 _ A Angel Broking·

Digital, Facilitates Penetration Into Tier 3 And Tier 2 Cities

~94% Of Gross Client Addition Contributed By Tier 3 & Tier 2 Cities In Q4 ’21

(‘000)

956
61 Tier 1: 6.4x Growth

349 Tier 2: 12.4x Growth

550 511
48 39
347
197 188
231 37
141 126 546 Tier 3: 18.0x Growth

0 68
30
10
28
119

64
13
42
78
15
48
25
85
121 183
305 283

Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21

Median Age Of Clients

Acquired
34 ._________,I
32 .___I32_____JI .___I32_____JI .___I31_____JI .___I30_____JI .___I30____,I .___I30_____J

Angel’s Share In
Incremental Demat 6.9%
'-------'I 9.7%
.___I_I 8.7%
.___I-1 15.0%
.___I_I 14.7%
.___I_I 15.8%
.___I_I 15.2%
.___I_I 17.6%
.___I-
Accounts

1 out every 6 incremental demat accounts are opened with Angel Broking
Market share in incremental demat accounts = Incremental net demat accounts by Angel Broking / Incremental demat accounts by both CDSL and NSDL 20
 _ A Angel Broking·

Digital Transformation Driving Strong Client Acquisition

90% Of Gross Clients Added Under Flat Fee Plan

10% 10% 10% 10% Traditional Plan

29% 19% 20% 19% (Driven by AP
network)

81% 80% 81% 90% 90% 90% 90% Flat Fee

71%

Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21

Gross Client Addition 14.1x
(‘000)
68 119 141 231 347 550 511 ._______.I
956 ♦
Growth

(‘000)
Accelerated Growth In Gross Client Addition Under Flat Fee Plan Stable Growth In Traditional Plan Gross Client Addition

Driven by AP network
855
s.ox Growth
496 458
► 100
43 35 54 53
312 20 23 29
188
97 113
48

Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21

21
_ A Angel Broking·

Digital Business Drives Multifold Increase In ADTO Across Segments

Flat Fee Dominates Overall ADTO

Traditional Plan
16% 17% 7% (Driven by AP
27% 27%
40% network)
54%
76%
84% 83% 93% Flat Fee
73% 73%
60%
46%
24%

Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21

Strong Growth In Overall ADTO

4,000

3,000

2,000
- Overall ADTO (₹ Bn) No of Trades (Mn)

129
159
164
218
300

•
225

150
I ----------1
: >7x faster
I
I
ADTO growth
:
I
I

85 3,753 I
I
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I

54 62 69 I
than industry
I
I

1,000
1,281
2,261 75 ---------------- -·
I I

253 358 450 582 619

0 0
Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21

I I
I I
ADTO ~15x Growth I
I
Trades 4x Growth I
I

--------------------- I ----------------------
I

22
Growth is calculated for Q4 FY21 over Q1 FY20
 -Strong Growth In Client Activity Across Segments
A Angel Broking·

Growth In Cash Segment Growth In F&O Segment Growth In Commodity Segment

80 - Cash ADTO (₹ Bn) No. Of Trades (Mn)

103 105
120 4,000 - F&O ADTO (₹ Bn) No. Of Trades (Mn)

106
120 80 - Commodity ADTO (₹ Bn)
No. Of Trades (Mn)
8
9

8
70 98 3,500 70
100 100
85
6 6 7
60 3,000 60
80 80 5 6
50 2,500 72 50 5
61 4
4 5
40 60 2,000 60 40

3,599
50 48
46 3 4
69

69

67
42
61

60
30 1,500 30

60
58

40 40 3

49
26

2,120

42
20 1,000 20

38
19 2

33
33
32

1,129
13
27

20 20
26

25
11
10 500 8 10 1

511
492
Q3 '20 369
Q2 '20 290

0 0 0198 0 0 0
Q1 '20

Q2 '20

Q3 '20

Q4 '20

Q1 '21

Q2 '21

Q3 '21

Q4 '21

Q1 '20

Q4 '20

Q1 '21

Q2 '21

Q3 '21

Q4 '21

Q1 '20

Q2 '20

Q3 '20

Q4 '20

Q1 '21

Q2 '21

Q3 '21

Q4 '21
I j I j
I I I I
ADTO ~3x Growth I
>18x Growth I I
>2x Growth I

•:~----------------------i I

~----------------------
I
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I

~----------------------
I
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-----------------------
'
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-----------------------
'
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-----------------------
'
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Trades I
I 2x Growth I
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I ~14x Growth I
I
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I ~2x Growth I
I

~----------------------
I I
~----------------------
I I
~----------------------
I I

Growth is calculated for Q4 FY21 over Q1 FY20 23

Financial Highlights
_ A Angel Broking·

Q4 FY21: Key Highlights

29% 66% 33% ₹ 9,639 mn

QoQ Growth in Gross Client QoQ Growth in Avg. Daily QoQ Growth in Number of Average client funding book for
Base Turnover Trades Q4 ‘21

₹ 1,020 mn
₹ 4,189 mn ₹ 1,463 mn ₹ 1,424 mn
39.2% QoQ Growth in PAT
32.7% QoQ Growth in Gross 33.9% QoQ Growth in EBDAT 36.2% QoQ Growth in PBT
(after tax impact of ₹ 36 mn for
Revenues translating into 48.5% margin
earlier years)

Strong operating performance continues

Earnings Before Dep & Amortisation and Tax (EBDAT) margin = EBDAT / Net Income 25
PAT is from continuing operations
_ A Angel Broking·

FY21: Key Highlights

127% 380% 149% ₹ 7,164 mn

YoY Growth in Gross Client Base YoY Growth in Avg. Daily YoY Growth in Number of Average client funding book for
Turnover Trades FY21

₹ 2,981 mn
₹ 12,990 mn ₹ 4,295 mn ₹ 4,112 mn
243.4% YoY Growth in PAT
72.1% YoY Growth in Gross 207.5% YoY Growth in EBDAT 246.2% YoY Growth in PBT
(after tax impact of ₹ 85 mn for
Revenues translating into 47.9% margin
earlier years)

35% Dividend Payout For FY21

Witnessed benefit of operating leverage

Earnings Before Dep & Amortisation and Tax (EBDAT) margin = EBDAT / Net Income
PAT is from continuing operations 26
Dividend payout includes 3rd interim dividend announced in April ‘21
 --

- A Angel Broking·

Impact Of New Margin Regulations

Implementation Timeline Average Monthly Net Broking Income

(₹ Mn) A Negligible impact of phase 2 of new

% of Peak
Phases Implementation 633
Margin 596 margin norms on net broking income
Phase I 25% Dec’20 – Feb’21 434 443
339 A Developed an interface within our app to
Phase II 50% Mar’21 – May’21
notify clients about their margin
Phase III 75% June’21 – Aug’21
requirements
Phase IV 100% Sep’21 onwards Q1 '21 Q2 '21 Q3 '21 Q4 '21 Mar'21
- - - - - - - - - - _I

Overall ADTO F&O ADTO Cash ADTO

(₹ Trn) (₹ Trn) (₹ Bn)

4.0 4.0 82
3.8 3.9
69 71
3.2 3.1 61
58 55
2.3 2.1
1.3 1.1
0.6 0.5

Q1 '21 Q2 '21 Q3 '21 Jan'21 Feb'21 Mar'21 Q1 '21 Q2 '21 Q3 '21 Jan'21 Feb'21 Mar'21 Q1 '21 Q2 '21 Q3 '21 Jan'21 Feb'21 Mar'21

Volumes continue to remain strong despite new regulations

Average Monthly Net Broking Income = Net Broking Income For The Period/No. of Months in That Period 27
_ A Angel Broking·

MTF Book Spread Over Wide Customer Base

MTF Book Size Low Per Client Exposure MTF Book Segmentation

(₹ Mn) (₹)
64,068 ■ <₹ 0.1mn ■ ₹ 0.1-0.5mn ■ >₹ 0.5mn
10,535
0.5% 2.1% 2.6%
3.1% 5.8%
51,088 7.1%

5,420
96.3% 92.1% 90.3%
18,019
2,471

Q4 '20 Q3 '21 Q4 '21 Q4 '20 Q3 '21 Q4 '21 Q4 '20 Q3 '21 Q4 '21

NIL NPAs in MTF book Secured by client’s demat holdings Robust risk management to avoid delinquencies

With seamless integration of pledge / re-pledge mechanism, MTF book grew in Q4 FY21

Potential to grow further

Data as on quarter ending for each period 28
-
Segmental Revenue Break Up
A Angel Broking·

Gross Revenue Mix

■ Gross Broking ■ Interest ■ Depository ■ Distribution ■ Other

3% 4% 4% 4% 4% 5% 8% 9%
1% 1% 1% 2% 1% 1% 1% 1%
4% 4% 5% 5% 16% 7% 7% 14% 7% 6%
28% 24% 22% 20% 17% 15%

63% 66% 69% 69% 72% 70% 70% 68%

Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21

Gross Broking Revenue Split

■ F&O ■ Cash Commodity ■ Currency

1% 1% 1% 2% 1% 1% 1% 1%
13% 15% 14% 8% 10% 8% 6%
16%
35% 33%
44% 39% 42% 43% 50% 44%

56% 60%
42% 44% 41% 41% 41% 45%

Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21

29
-
Net Broking Revenue Contribution Mix

Age-wise Net Broking Revenue Split (₹ Mn)

(2.83mn clients added since April’19)

■ <2 years ■ 2-5 years ■ >5 years
1,788
182
1,303 1,329
321
1,016 170 151
755 276 260 Digitization
633 646 700 150
121 239 journey started
98 97 107 1,285
124 138 160 183 919 in April 2019 is
857
433 451 626 fueling growth
410 411

Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21

Contribution to Net Broking Revenue

■ Direct Clients ■ AP Clients

1,788

1,303 1,329 494

1,016 401 392
700 755 307
633 646
251 274 1,294
240 240 902 937
709
393 407 449 481

Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21

30
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_ A Angel Broking·

Rapidly Growing Digital Business Contributes To Majority Of Net Revenue

Declining Contribution Of Traditional Plan Net Broking Revenue, In Total Net Revenue

(Traditional Plan Net Broking Revenue / Total Net Revenue)

50%
45% 42%
35% 33%
28%
22%
17%

Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21

(₹ Mn)
Multifold Growth In Flat Fee Plan Net Broking Revenue Stable Growth In Traditional Plan Net Broking Revenue

1,286
Stable Growth
851
712 588 511 494 438 535 590 478 502
480
317
135 206
45

Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21

Declining contribution of traditional plan coupled with faster adoption of digital business leading to sustained uptick in profitability
31
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_ A Angel Broking·

Technology Adoption Creating Business Flexibility

Right Sizing Overall Employee Base Scaling Up Digital Focused Talent Pool

(Nos) (Nos)
15% Decline
3,428 496
2,839 2,733 2,787 2,908 450
2,503 2,401 2,470
388
358 369
335 330 343

Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21

Growing Trend of App Installs

(Mn)
10.3
►
256%Growth 8.4
7.0
5.6
4.5
3.3 3.8
2.9

Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21

App installs for Angel Broking Mobile App and Angel BEE 32
 _ A Angel Broking·

Leading To Significant Operating Leverage Benefits

Consolidated EBDAT Consolidated EBDAT Margin

(₹ Mn)
10.2x
49% 49% 49%
1,463 43%
39%
36%
1,043 1,093
30%
696
421 492 12%
340
144

Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21

- ---------------------------------------------------------------1:----------------------------------------------------------------------
EBDAT Margin : Flat Fee Plan EBDAT Margin : Traditional Plan

Incubation Consistent Growth 62% 60% 60%

45% 40% 44% 44%
28% 46% 46% 47%
15% 41%

27%
-17% High Growth

-84%
Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21

EBDAT = Net Income - Emp. Cost - Other Opex 33

EBDAT Margin = EBDAT / Net Income
_ A Angel Broking·

Consolidated Business Performance

(₹ Mn)
Total Gross Revenues Profit After Tax

■ Gross Broking ■ Interest Income ■ Other FY21 PAT: ₹ 2,981 mn Includes tax
impact of ₹ 36 mn
Despite 6% lesser
trading days
for earlier years
+33%
+39%

4,189
+29% -1%
+55% 1,020
721 -2%
+24%
3,179 3,156
+3% +8% 615 +48% 746
-4% 411 505 732
2,466
546 441 +17%
1,996 290 +38%
1,891 1,805 1,855 483
217 395 +237%
164 176 185
2,853

533 399 397 326

436 279
2,222

2,210
1,781

203
1,382
1,271
1,193

1,193

60

Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21

FY21 PAT of ₹ 2,981 mn translating to EPS of ₹ 38.8 / share

1) Restated financials; 2) Interest Income includes interest on margin trading fund, income from lending activities, interest on FD under lien with stock exchanges, interest on delayed payment by customers and Interest on deposits with banks; 34
3) Other includes balance portion of our revenues, 4) PAT is profit from continuing operations on reported basis 5) EPS is calculated as Profit from continuing operations / weighted average number of equity shares
_ A Angel Broking·

Financial Snapshot
(₹ Mn)
Total Income Cost To Net Income Profit After Tax

7,547 12,990 15.5% 34.6% RoE

-
70.6%
1,927 2,981
1,998 52.1%

- 742
1,766

5,039
9,065 868

FY20 FY21 FY20 FY21 FY20 FY21

Return on Average Equity;
■ Gross Broking ■ Interest Income ■ Other □ *FY21 Networth includes IPO proceeds

Client Funding Book Borrowings Networth

11,310
11,686 11,715

5,914
4,909
3,095

Mar'20 Mar'21 Mar'20 Mar'21 Mar'20 Mar'21

1) Restated financials; 2) Interest Income includes interest on margin trading fund, income from lending activities, interest on FD under lien with stock exchanges, interest on delayed payment by customers and Interest on deposits with banks;
3) Other includes balance portion of our revenues; 4) Cost to Net Income = (Employee + other opex)/Net Income; Net Income = Gross Total Income – Fees & Commission Exp – Finance Cost; 5) PAT is profit from continuing operations on
reported basis; 6) Client funding book includes trade receivables (net of receivables from exchanges), loans for margin trading facility and loans against securities; 7) Networth includes equity share capital and other equity; 8) RoE = PAT from 35
continuing operations / average networth
 -

_ A Angel Broking·

Summary Of Consolidated Profit & Loss Statement

Particulars (₹ Mn) Q4 FY21 Q3 FY21 Q4 FY20 FY21 FY20
(a) Interest Income 545 381 349 1,769 1,577
(b) Fees and commission income 3,488 2,655 1,559 10,778 5,644
(c) Net gain on fair value changes 53 32 19 89 25
Total Revenue from operations (I) 4,086 3,068 1,928 12,637 7,246
(d) Other Income (II) 102 88 69 353 301
Total Income (I+II=III) 4,189 3,156 1,996 12,990 7,547
YoY Growth (%) 109.8% 70.2% 72.1% -3.7%

Expenses
(a) Finance costs 108 56 104 389 489
(b) Fees and commission expense 1,065 881 627 3,630 2,304
(c) Impairment on financial instruments 42 41 95 346 377
(d) Employee benefits expenses 503 445 359 1,718 1,598
(e) Depreciation, amortization and impairment 40 47 49 184 209
(f) Others expenses 1,008 640 319 2,611 1,382
Total Expenses (IV) 2,765 2,111 1,554 8,878 6,359

Profit before tax from continuing operations (III-IV=V) 1,424 1,045 442 4,112 1,188
Total Income tax expense (VI) 368 264 116 1,046 322
Adj. Profit for the period / year from continuing operations (V-VI=VII) 1,056 782 326 3,066 866
YoY Growth (%) 223.9% 182.2% 254.1% 3.3%

Tax For Previous Years (VIII) 36 49 0 85 -2

Rep. Profit for the period / year from continuing operations (VII-VIII=IX) 1,020 732 326 2,981 868

Loss after tax from discontinued operations (X-XI=XII) -1 -1 -17 -12 -44
Profit forfinancials
Restated the period / year (IX+XII=XIII) 1,019 732 309 2,969 823 36
 -

_ A Angel Broking·

Summary Of Consolidated Balance Sheet

Particulars (₹ Mn) Mar'21 Mar’20

Financial Assets
(a) Cash, cash equivalents and Bank Balance 18,774 14,136
(b) Trade Receivables 2,277 390
(c) Loans 11,285 2,806
(d) Investments 55 353
(e) Other financial assets 14,289 2,706

Non-financial Assets
(a) Fixed Assets 1,150 1,262
(b) Other non-financial assets 307 250
Total Assets 48,138 21,902

LIABILITIES
Financial Liabilities
(a) Trade Payables 22,764 9,395
(b) Borrowings 11,715 4,909
(c) Other financial liabilities 1,797 1,305

Non-Financial Liabilities
(a) Provisions 91 67
(b) Other non-financial liabilities 461 312

Networth 11,310 5,914

Total Liabilities and Equity 48,138 21,902

FY21 EPS: ₹ 38.8 Book Value: ₹ 138.2

1) Restated financials; 2) Fixed assets includes investment property, property, plant & equipment, intangible assets under development, intangible assets and right to use assets; 3) Other non-financial assets includes inventories, tax assets (net),
deferred tax assets (net) and other non-financial assets; 4) Other non-financial liabilities includes tax liabilities (net) and other non-financial liabilities; 5) Networth includes equity share capital and other equity; 6) EPS is calculated as Profit from 37
continuing operations / weighted average number of equity shares
_ A Angel Broking·

Way Forward

Strengthen our leadership position to

become the largest retail broking house in
India

• Largest Retail Broking House

Establish a substantial client base in
r investment advisory business to support
• Establish Investment growth
Advisory

• Robust Technology Infrastructure

L Capture Growing Investible
Wealth
Augment investment in mobile platform,
artificial intelligence, machine learning
capabilities & newer technologies

• Deepen Market Penetration

Capitalize on the growing investible
wealth in India

Leverage Technology to penetrate new

customers in Tier 2, 3 cities & beyond

38
About Us
 -

_ A Angel Broking·

Board Of Directors

Dinesh D. Thakkar Ketan Shah Anisha Motwani

Promoter, Chairman and MD Non-Executive Director Independent Director
28+ years of experience in diverse
Promoter of Angel Group industries
Veteran in capital markets with over 3 26+ years of overall experience Worked for GM India, Max New York
Life Insurance, McCann Erickson India,
decades of experience Having in depth understanding about etc
Revolutionised stock broking for retail Business, Technology & Operations Advisor with World Bank on Swachh
clients Bharat Abhiyan & National Mission for
clean Ganga

Uday Sankar Roy Kamalji Sahay

Independent Director Independent Director
39+ years experience
37+ years experience
Previously was independent director of
Previously was independent director of Indiafirst Life Insurance
Indiafirst Life Insurance Retd. MD & CEO of Star Union Dai-ichi
Life Ins
Retd. MD & CEO of SBI Life Insurance
Served as ED LIC of India and Advisor
Retd. DMD of SBI to GIC Re
40
 -

_ A Angel Broking·

Experienced Management Team

Narayan Gangadhar Vineet Agrawal Prabhakar Tiwari Nilesh Gokral

Chief Executive Chief Financial Chief Growth Chief Operating
Officer Officer Officer Officer

20+ yrs global experience 24+ yrs of total experience 18+ yrs of total experience, ~2 18+ yrs of total experience, 2+
leading technology businesses across multiple industries, 5+ years at Angel years at Angel
at Silicon Valley companies like years at Angel Spearheads Brand, Leads operations, Risk
Google, Microsoft, Amazon, Heads treasury, corp. fin., Performance Marketing & Management and Compliance
Uber, Ola Technologies accounts, secretarial, reporting Growth Strategy functions
Led highly disruptive & controlling, tax, audit and IR Worked with PayU, Marico, Strong exposure in BFSI across
businesses, driving innovation Worked at Secure Meters, CEAT, Danone various functions
in product, technology, Suzlon Energy, Bharti Airtel Worked with Yes Bank, Infosys
capability building and process and Reliance Communications and Axis Bank
automation

Ketan Shah Ankit Rastogi Subhash Menon

Chief Revenue Chief Product Chief People
Officer Officer Officer

A 26+ years of total experience, A 17+ yrs of total experience in ~ 22+ yrs of total experience, ~5
20+ years at Angel Product Engineering & Digital years at Angel
.\. Worked in different functions Service segment ~ Develops and implements
including Business, Technology k\. Gold Medalist in Computer people management, HR
& Operations Engineering from NIT Surat processes and employee skill
A. Leads revenue function, A Co‐Founder of development, knowledge &
customer engagement & IndiaHotelReview.com productivity enhancement
service, B2B business & A Worked with Makemytrip, ~ Worked with IndiaFirst Life, SBI
research and advisory Stayzilla, Cleartrip Life and USV

41
 --

- A Angel Broking·

Awards & Accolades

Technology Capital Markets Marketing

Best Customer Education

‘Trendsetter’ Award at NCDEX Krishi Awards Initiative in the Equity Broking
NetApp - Innovations Outstanding Contribution Sector at Resulticks BFSI Digital
Award, 2019 - Retail Segment Stallions Awards

Best Search Engine

Digital First Organization Optimization in the Equity
Gold in BFSI Category by Broking Sector at Resulticks
of the Year 2019 in India ,
Buzzin Content BFSI Digital Stallions Awards
organized by Tefla’s

Digital Investing Platform

of the Year 2017 at BSE Best Performing Retail Most Consistent Excellence in
Commodity Equity Member – NSE Digital Publishing by India
Outlook (CEO) Awards, (2017, 2018 & 2019) Digital Awards, IAMAI
organized by Tefla’s

Fintech Trading Platform Top volume performer,

Best Fintech Marketing
of the Year at MoneyTech Equity Retail Segment by
Campaign (PR Category) at
Awards 2017 presented BSE
the IPRCCA
by BusinessEx.com (2005-15, 2017, 2018)

Best Technology House of Fulcrums of Commodity

Best Financial Content of
the Year 2016 Derivatives Market by
the Decade by Inkspell
(ASSOCHAM) MCX, 2018

42
 -
--------

~- A Angel Broking·

Consistently Certified By The Great Place To Work

Certified By The Great Place To Work Institute For Five Consecutive Years

2017 2018 2019 2020 2021

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Recognised among “India’s Best Workplaces in BFSI 2021” by Great Place To Work

Overall culture score at par with top 50 companies in India

Top 150 employees average tenure of ~4 years with Angel

43
_ A Angel Broking·

Thank You

Company : Investor Relations Advisors :

----- Angel Broking® S GAStrategic Growth Advisors

Angel Broking Ltd. Strategic Growth Advisors Pvt. Ltd.
CIN – L67120MH1996PLC101709 CIN - U74140MH2010PTC204285
Mr. Hitul Gutka – Head IR Mr. Shogun Jain / Mr. Shrikant Sangani
Email Id – [email protected] [email protected] / [email protected]
+91 77383 77756 / +91 79774 15681
www.angelbroking.com www.sgapl.net

44