Angel One Ltd. reported a muted quarter for the October-December period. Revenue growth stagnated compared to the September quarter, while operating profit or EBITDA grew only 2 percent on a sequential basis.

The company's net profit rose in the high-single-digits. EBITDA margin expanded 100 basis points from the previous quarter.

During the quarter, the number of orders placed on the platform declined 2 percent to 22.6 crore from 23 crore orders in the previous quarter.

Average revenue per client declined 7 percent quarter-on-quarter to Rs 398 from Rs 430 earlier.

Gross Client addition fell below 10 lakhs during the quarter, falling to 9.88 lakh compared to 11.78 lakh in September. Client additions declined 16 percent.

Angel One also announced that the board of directors has recommended a dividend of Rs 9.60 per equity share of Rs 10 each as a third interim dividend, equivalent to 35 percent of consolidated profit after tax, for the quarter.

Angel One's management said that the company continues to gain market share in total demat accounts, and also achieved 12 percent share among NSE active clients.

While operating expense for the quarter was flat sequentially, it increased 21 percent when compared to the same period last year. Lower opex meant that the company's cost-to-income ratio declined to 46 percent from 49.3 percent last year.

Brokerage firm Motilal Oswal believes that Angel One is a perfect play on the financialisation of savings and digitisation. It termed the quarterly performance as "strong" amid volatile market conditions.

After the earnings announcement, shares of Angel One were trading flat at Rs 1,319 apiece, up 0.3 percent from their previous close.