Indian broking companies are showing some dichotomy in earnings. While Angel One stock was on a rally after posting strong numbers, ICICI Securities was down after the firm reported weak earnings. What is Angel One doing differently? The firm's stock is up 400 percent in the past year.

Client addition has been very strong. The gross client addition number stood at 1.5 million in the last quarter of FY22. For the full year, it was 5.3 million, showing an increase of 150 percent. Also, about 94 percent of their gross client additions have come in from tier-II and tier-III cities.

In the past two years, the growth in the tier-I user base has been 3.3 times, growth in tier-II user base has been six times while the growth in tier-III user base has gone up by 7.2 times. So, the firm has capitalised on the expansion of the retail trading market, pan India.

The firm has also managed to tap into the younger population who have started trading. So, 76 percent of the brokerage revenue in Q4 came from clients who have been with Angel One for less than two years. This compares with 72 percent a year ago and 60 percent two years ago.

Watch the accompanying video of CNBC-TV18’s Reema Tendulkar for more details.