Brokerage firm Angel One Ltd on Wednesday reported a 50% year-on-year drop in net profit for the September quarter, as declining revenue and narrowing margins weighed on performance amid softer retail trading volumes.

Net profit for the quarter fell to ₹212 crore, down from ₹423 crore in the same period a year earlier.

Revenue from operations declined 20% to ₹1,201 crore, compared to ₹1,514 crore in the year-ago quarter, reflecting muted trading activity and reduced client participation in high-margin segments.

Earnings before interest, tax, depreciation and amortisation (EBITDA) dropped 38.2% to ₹415.2 crore, from ₹671.9 crore a year earlier. The company’s EBITDA margin also contracted significantly, falling to 34.5% from 44.7% in Q2 FY25.

Adjusted for one-off advertising expenses

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