ANGEL ONE LIMITED — Annual Report 2021

May 6, 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/ Ma'am,

Sub: Outcome of Board Meeting held today i,e, May 05, 202 1 under Rcgul j:ltion ~O of SEBI (Lisling Ollligntions and Disdosurc Requirements) Regulations, 2015.

Pursuant to Regulation 30 and 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Circular (Ref No. CIR/CFD/F AC/6212016 dated July 05, 2016) issued by SEBI, we would like to inform you that the Board of Directors of the Company at its meeting held today i.e. May 05, 2021 through video conferencing which commenced at 04.00 p.m. and ended at 7.12 p.m. have inter alia, approved and taken on record the following:

• 1. Audited Standalone and Consolidated Financial Results of the Company for the quarter and financial year ended March 31, 2021 along with the Auditor's Report duly signed by the Auditor of the Company. A copy of the same is enclosed herewith as Annexure- I
• 1. Declaration from the Chief Financial Officer regarding unmodified op1111on in the Audit Report issued by the statutory auditor of the Company on Standalone and Consolidated financial results; A copy of the sa me is enclosed herewith as Annexure- II
• 1. Change in Designation of Mr. Ketan Shah (DIN: 01765743) from Non-Executive Director to Whole Time Director. Disclosure of information pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with circular No. CIR/CFD/CMD/4/2015 dated September, 09, 2015 is annexed in Annexure- III
• 1. Appointment of M/s. MMJB & Associates LLP as the Secretarial Auditor of the Company for the Financial Year 2021-22 to conduct the Secretarial Audit of the Company. Disclosure of information pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with circular No. CIR/CFD/CMD/4/2015 dated September, 09, 2015 is annexed in Annexure- IV
  • 1. Appointment of M/s. Parekh Shah & Lodha as the Interna l Auditor of the Company for the Financial Year 2021-22 to conduct the Internal Audit of the Company. Disclosure of information pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with circular No. CIR/CFD/CMD/4/2015 dated September, 09, 2015 is annexed in Annexure- V

CSO & Corporate Office: 6th Floor, Ackruti Star, Central Road, MIDC, Andheri (E) Mumbai-400 093. Tel: (022) 4000 3600 Fax:(022) 3935 7699

Regd Office: G-1, Ackruti Trade Centre, MIDC, Road No-7, Andheri (E), Mumbai - 400 093. Tel: (022) 6807 0100 Fax: (022) 6807 0107 E-mail: support@angelbroking.com Website: www.angelbroking.com

Angel Broking LI 't CIN: L67120MH1996PLC10l709, SEBI Registration No Stock Broker: INZ000161534, CDSL: IN-DP-384-2018, PMS: INP000001546, Research Analyst: INH000000l64, Investment Advisor: INA000008172, AMFI Regn. No. ARN-77404, PFRDA, Regn. No.-19092018.

• 1. Annual General Meeting and Record date:
• a. The 25 th Annual General Meeting of the members of the Company will be held virtually on Tuesday, June 29, 2021.
• b. The record date for the purposes of the Annual General Meeting is June 22, 2021.

Kindly take the above intimation on your record.

Thanking You, For Angel Broking Limited

.;

Company Secretary and Compliance Officer Membership No: A22506

Place: Mumbai Date: May 05, 2021

l ~M~~-e:.~~M• I· - . ~

CSO & Corporate Office: 6th Floor, Ackruti Star, Central Road, MIDC, Andheri (E) Mumbai-400 093. Tel: (022) 4000 3600 Fax:(022) 3935 7699

Regd Office:

G-1, Ackruti Trade Centre, MIDC, Road No-7, Andheri (E), Mumbai - 400 093. Tel: (022) 6807 0100 Fax: (022) 6807 0107 E-mail: support@angelbroking.com Website: www.angelbroking.com

Angel Broking Limited

CIN: L67120MH1996PLC101709, SEBI Registration No Stock Broker: INZ000161534, CDSL: IN-DP-384-2018, PMS: INP000001546, Research Analyst: INH000000164, Investment Advisor: INA000008172, AMF\ Regn. No. ARN-77404, PFRDA, Regn. No.-19092018.

Angel Broking Limited

CIN: L67120MH1996PLC101709 Regd. Office: G-1, Ackruti Trade Centre, MIDC, Road No-7, Andheri (E), Mumbai - 400 093 Tel: (022) 68070100 I Fax: (022) 68070107 Corporate Office: 6th Floor, Ackruti Star, Central Road, MIDC, Andheri (E) Mumbai-400 093. Tel: (022) 40003600 I Fax: (022) 39357699 Website: YNIW,iJngelbrckin9:.com I Email: itive:storsiz,angelbroklng .com

	Statemept of audited standalone financial results for the quarter and y.ear ended 31 March 2021					[Rs. in million)
	Particulars	Quarter ended			Year ended
		31 March 2021(Audited)	31 Dec 2020(Unaudited)	31 March 2020(Audited)	31 March 2021(Audited)	31 March 2020(Audited)
I	Revenue from operations
	(a) Interest income	521.10	360.21	329.51	1,692.21	1,489.97
	(b) Fees and commission income	3,470.08	2,642.27	1,543.47	10,725.42	5,592.15
	(c) Net gain on fair value changes	52.51	31.90	17.26	87.09	23.06
	Total revenue from operations	4,043.69	3,034.38	1,890.24	12,504.72	7,105.18
II	(d) Other income	96.10	83.60	100.34	392.71	322.61
Ill	Total fncome (1+11)	4,139.79	3,117.98	1,990.58	12,897.43	7,427.79
	IV Expenses
	(a) Finance costs	107.68	56.44	103.64	396.33	488.29
	(b) Fees and commission expense	1,064.87	880. 72	627.19	3,629.78	2,304.40
	(c) Impairment on financial instruments	53.23	24.64	94.13	340.74	376.10
	(d) Employee benefits expenses	485.78	425.50	337.85	1,644.19	1,510.01
	(e) Depreciation, amortization and impairment	37.42	44.70	47.81	174.24	201.50
	(f) Others expenses	1,005.55	639.58	318.48	2,730.36	1,377.84
	Total expenses	2,754.53	2,071.58	1,529.10	8,915.64	6,258.14
V	Profit before tax (Ill-IV)	1,385.26	1,046.40	461.48	3,981.79	1,169.65
VI	Tax expense:
	(a) Current tax	357.11	261.98	106.49	1,028.45	281.93
	(b) Deferred tax	2.30	1.98	4.42	(28.85)	23.72
	(c) Taxes for earlier years	28.67	49.55		78.22	(2.24)
	Total income tax expense	388.08	313.51	110.91	1,077.82	303.41
	VII Profit for the period/year (V-VI)	997.18	732.89	350.57	2,903.97	866.24
	VIII Other comprehensive income
	Items that will not be reclassified to profit or
	loss
	(a) Re-measurement gains / (losses) on definedbenefit plans	(3.27)	(4.49)	(2.65)	(15.46)	(12.42)
	(b) Income tax relating to items that will not bereclassified to profit or loss
		0.82	1.13	0.67	3.89	3.13
	Other comprehensive income	(2.45)	(3.36]	(1.98)	(11.57)	(9.29)
IX	Total comprehensive income for the period /
	year (Vll+VIII)	994.73	729.53	348.59	2,892.40	856. 95
	,:C:arnings per equity share (FV Rs. 10 each) (notannualised for interim period)
	'3asic EPS (Rs.)	12.19	9.04	4.87	37.76	12.03
	Diluted EPS (Rs.)	12.11	8.86	4.87	37.49	12.03

Angel Bre>king

Angel Broking Limited

CIN: L67120MH1996PLC101709 Regd. Office: G-1, Ackruti Trade Centre, MIDC, Road No-7, Andheri (E), Mumbai - 400 093 Tel: (022) 68070100 I Fax: (022) 68070107 Corporate Office: 6th Floor, Ackrutf Star, Central Road, MIDC, Andheri (E) Mumbai-400 093. Tel: (022) 40003600 I Fax: (022) 39357699 Website: www.angelbroking.com I Email: investors@angelbroking.com

Notes:
1Balance Sheet as at 31 March 2021		(Rs. in million)
	As at	As at
	31 March 2021 (Audited)	31 March 2020 (Audited)
ASSETS
Financial assets
(a) Cash and cash equivalents	5,764.03	5,899.92
(b) Bank balance other than cash and cash equivalent	12,746.49	7,852.00
(c) Trade receivables	2,272.79	386.50
(d) Loans	10,632.76	2,495.67
(e) Investments	829.79	951.75
(f) Other financial assets	14,272.98	2,693.52
Non-financial assets
(a) Current tax assets (Net)		38.18
(b) Deferred tax assets (Net)	68.21	35.47
(c) Investment property	33.94	1.28
(d) Property, plant and equipment	859.16	880.69
(e) Intangible assets under development	1.83	20.88
(f) Intangible assets	53.62	47.19
(g) Right of use assets	54.41	149.34
(h) Other non-financial assets	232.19	139.66
Total assets	47,822.20	21,592.05
LIABILITIES AND EQUITY
LIABILITIES
Financial liabilities
(a)Trade payables
(i) total outstanding dues of micro enterprises and small enterprises	1.97
(ii) total outstanding dues of creditors other than micro enterprises and small
enterprises	22,761.84	9,394.53
(b) Borrowings	11,713.79	4,877.28
(c) Other financial liabilities	1,785.75	1,285.62
Non-financial liabilities
(a) Current tax liabilities (Net)	113.96
(b) Provisions	85.99	59.99
(c) Other non-financial liabilities	338.13	285. 97
EQUITY
(a) Equity share capital	818.27	719.95
(b) Other equity	10,202.50	4,968.71
Total liabilities and equity	47,822.20	21,592.05

"'-.,_ Angel Broking

Angel Brok1ng Limited CIN: l67120MH1996PLC101709

Re!!d omce: G-t , Ackrutl Trade Centre, MIOC , Road No-7, Andheri (£ ),Mumbai• 400 093 Tel: (012) 68070100 I Fu: (0 22) 68070107 Corpora te Orrlcl!': 6th Floor, Ackrutl Star, Central Road , MIOC, Andheri ([) Mumbai-400 093 Tel: (022) 40003600 1 Faw.: (012 ) 39357699 Website: wwW,•t'l,l~brn'lw1t_.( Ol'O I Email: investors@angclbroklng.com

2	Cash Flow Statement for the year ended 31 March 2021		(R:i., 1n rn1 lllonl
		Year ended	v~a.r ended
		31 March 2021 (Audited)	31 March 2020 (Audllodj
	A. CHh flow from o per.u tng actlvl.t lc.s
	Prufh before tax	3,981.79	1,169.65
	Adjuitrnents for non cash and non-operating actiVities:
	Depredation and amortisation expense	174.24	201.50
	G,;un on cancellation of lease	(8.11)	(S .90)
	f.xpc.n$C on employee stock option scheme	8.98	17.44
	Interest income on inter-corporate deposit	(0. 10)	(7. 24)
	Income from leased property	(9 .17)	(8.50)
	lntcrc~l expense on borrowings	360. 90	432.15
	lntere-sL on Income tax	15.77	(1.67)
	lmp~lrmcn.l on investments of Angel Digitech Services Private Limited (Formerly known as Angel	125.00
	Wclloo,s Private Limited)
	Provir.Jon of expected credit loss on trade receivable	7.79	0.50
	B•d debt wntten off	332.95	375.60
	lnlcre5l income on financial assets	(1 2.06)	(11 .15)
	Dividend income current investments		(12 .38)
	OfVl dend Income from subsidiaries	(58. 77)	(33.00)
	l oss /(profit) on sale of property, plant and equipments	8.43	6.15
	iProfit) / loss on fin ancial fnstruments designated at fair value through profit or loss	(87,091	(7.3 .06)
	Open1Ung profit before working capltal changes		2, 099.99
		4,8 0.6 0
	Changes fn worklns capita!
	lncrcosc / (decrease) in trade payables	13,369 28	3,019.56
	lncreilsc/ (decrease) fn financial liabilities	500.13	l~l.2< )
	Increase/ (decrease} in non-financial liabilities	52.16	56.40
	lncrc.uc/ (decrease) in provisions	10.54	1 26
	{Increase)/ decrease in trade receivables	(2,221.02)	1,382.02
	(lntrcc11c) I decre ase in loans	(8,137. 09)	4,543 .02
	jlnc:rc.-a.se} / decrease in other bank balances	(4,89<,49}	(2,534. 85)
	j lncr atic) / decrease fn other financial assets</td (11 .5'73.421 (2,029.1~)	(11 .5'73.421	(2,029.1~)
	(lncrcMc)/ decrease in other non-financial assets	(92.53)	7.30
	C.uh generated from operations	(8 , 45◄)
	Income tax paid	(9'10 .31))	('68. 8l)
	Mel cash (used In)/ generated from operating activities (A)	(9, 116 .1~)	6, UJ.49
	B. Cash flow from Investing activities
	Pu, hase of property, plant and equipment, intangible assets	(142 .86)	(122.62)
	rrccecds from sale of property, plant and equipment, intangible assets	4.10	1.22
	lnle rcst received on inter-corporate deposit	0.10	7.24
	Income from lease property
		9.17	8.50
	lntcrcorponu.c deposit given	(A.801
	lnrcrc.orporatc. deposit repaid	4.80
	Dlvld!'nd Income on investments		12.38
	Divi dend income from subsidiaries	58 ,72	33 ,00
	Payment for purchase of mutual funds	(44,427.86)	(1 6,700.00)
	Proceed.I: from sale of mutual funds	44 ,614. 95	16,72).06
	Nvt cash generated from / (used tn) Investing activities (8)	16. 32	(37.22
	C. Cash flow from financing activities
	Proc~dl from I (repayments) of borrowi ngs	6,940. 38	(3, 7J0.2I)
	Proceed.s from vehicle loan	3.54	10.37
	f\epayrne,11 of vehicle loan	(12 .03 )	(8.37)
	IJrococds from issue of equity shares	3,005.84
	Share issue expenses	(151 .57)
	lnteresl paid on borrowings	(353 .1 9)	(432. 15)
	lnt.artorpO(ate deposit taken	785 ,96
	lnlt!rc.arpor~te deposit repaid
	lnu,rlrn dividend paid	(785 .%J
		(426 .~81	(194 .)9)
	Oiv,do~d Tax Paid		(32.821
	Repayment of lease liabilities including Interest	(◄6)	(6). 09)
	Net cash generated from I (used in) financing activities (C)	8,96 3.93
	Net Increase I (decrease) In cash and cash equivalents (A+B+C)	(13 5.89)	1,735.61
	Cash and cash equivalents at the beginning of the year	5,899. 92	4,164.31
	Ca.s h and cash equlvalents at the end of the year	76 .03	5, 899 .92
	CMh and cash equivalents comprise
	8alM1ces wi th banks
	On curre nt accounts
		704.05	3,384.02
	Fixed deposits with original maturity less than 3 months	5,057.32	2,514 .39
	Cash on hand	0.07	0.40
	ChcqUl:!S. on hand	2.59	1.11
	Tot.ti cash and bank balances at end of the year	76 .0l	s, 899 . 92

Angel Broking

Ansel Brokins Limited

CIN: l67120MH1996PLC101709 Regd. Office: G-1, Ackruti Trade Centre, MIDC, Road No-7, Andheri (El, Mumbai - 400 093 Tel: (022) 68070100 I Fax: (022) 68070107 Corporate Office: 6th Floor, Ackrutl Star, Central Road, MIDC, Andherl (E) Mumbal-400 093 . Tel: (022) 40003600 I Fax: (022) 39357b99 Website: www.angelbroking.com I Email: tnvestors@angelbroklng. com

Notes:

• 3 These audited standalone financial results have been prepared in accordance with the Indian Accounting Standard (referred to as "Ind AS") prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules as amended from time to time. These audited standalone financial results of Angel Broking Limited 'Company' for the quarter and year ended 31 March 2021 have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 05 May 2021, The statutory auditors of the Company have carried out audit of the above audited standalone financial results of the Company for the quarter and year ended 31 March 2021,
• 4 The Ind AS compliant standalone financial results pertaining to the corresponding quarter ended 31 March 2020 have not been subjected to a limited review or audit by our statutory auditors.
• 5 During the quarter ended 30 September 2020 the Company concluded an Initial Public Offering 'IPO' through fresh issue of 98,03,921 equity Shares and offer for sale of 98,03,914 equity shares at an offer price of Rs. 306 per share. The equity shares were allotted on 30 September 2020 and listed on National Stock Exchange of India Limited and BSE Limited on 05 October 2020,
• 6 On 28 January 2021, the Board of Directors approved the Angel Broking Employee Long Term Incentive Plan 2021 (LTI Plan 2021) for issue of Options, Restricted Stock Units and Performance Stock Units to the Eligible employees of the Company and its subsidiaries to attract, retain and motivate key talent, align individual performance with the Company objective by rewarding senior management and key high performing employees, subject to the approval of shareholders. The shareholders approved the LTI Plan 2021 through Postal ballot on 05 March 2021. The Nomination and Remuneration Committee on 30 March 2021 granted 7,05,504 stock options to the eligible employees of the Company and its subsidiaries.
• 7 As on 31 March 2021, the Company has 15,31,247 stock options outstanding under Angel Broking Employee Stock Option Plan 2018 (ESOP Plan 2018) and 7,05,504 stock options outstanding under Angel Broking Employee Long Term Incentive Plan 2021 (LTI Plan 2021 ).
• 8 The audited standalone financial results of Angel Broking Limited are available on the Company's website, www.angelbroking.com and on the stock exchange website www.nseindia.com and www.bseindia.com.
• 9 During the year ended 31 March 2021 the Company has received final orders for applications filed under Direct Tax Vivad se Vishwas Act, 2020 (Vsv Act) in respect of litigation outstanding with Hon'ble Bombay High court for assessment years 2005 - 2006, 2008 - 2009 and 2010 - 2011 and provided for Rs, 76,11 Million in its books of accounts as per the provisions of the VsV Act.
• 10 The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
• 11 The Board of Directors at its meeting held on 22 April 2021, have declared third interim dividend of Rs. 7.5 per equity share.
• 12 The Company operates only in one Business Segment i.e. "Broking and related services", hence does not have any reportable Segments as per Ind-AS 108 "Operating Segments".
• 13 The previous period/year figures have been regrouped/reclassified wherever necessary to conform to current period's/year's presentation.

On behalf of the Board of Directors

Date: 05 May, 2021 Place: Mumbai

/4)~~ng~ i~ Dinesh Thakkar Chairman and Managing Director

Angel Broking Limited

CIN: L67120MH1996PLC101709 Regd. orrice: G-1, Ackruti Trade Centre, MIDC, Road No-7, Andheri (E), Mumbai• 400 093 Tel: (022) 68070100 I Fax: (022) 68070107 Corporate Office: 6th Floor, Ackruti Star, Central Road, MIDC, Andheri (E) Mumbai-400 093. Tel: (022) 40003600 I Fax: (022) 39357699 Website: www.angelbroking.com I Email: investors@angelbroking.com

(Rs. in million)Statement of the audited consolidated flnanclal results for the quarter and year ended 31 March 2021
Particulars	Quarter ended			Year ended
	31 March 2021(Audited)	31 December 2020(Unaudited)	31 March 2020(Audited)	31 March 2021(Audited)	31 March 2020(Audited)
I Revenue from operations
(a) Interest income	545.44	381.26	349.11	1,769.44	1,577.38
(b) Fees and commission income	3,487.83	2,654.54	1,559.38	10,778.22	5,644.00
(c) Net gain on fair value changes	52.85	32.13	19.04	89.18	24.86
Total revenue from operations	4,086.12	3,067.93	1,927.53	12,636.84	7,246.24
ll (d) Other income	102.48	88.15	68.81	352.98	300.90
Ill Total Income (l+ll)	4,188.60	3,156.08	1,996.34	12,989.82	7,547.14
IV Expenses
(a) Finance costs	107.71	56.48	103.71	389.34	488.59
(b) Fees and commission expense	1,064.87	880.72	627.19	3,629.78	2,304.40
(c) Impairment on financial instruments	41.53	41.09	95.13	346.04	377.10
(d) Employee benefits expenses	503.41	444.75	359.15	1,718.45	1,598.03
(e) Depreciation, amortization and impairment	39.99	47.45	49.39	183.60	209.17
(f) Others expenses	1,007.58	640.20	319.44	2,610.94	1,382.18
Total expenses	2,765.09	2 110,69	1,554.01	8,878 , 15	6,359.47
V Profit before tax (Ill-IV)	1,423.51	1,045 ,39	442.33	4,111.67	1,187.67
VI Tax expense:
(a) Current tax	364.06	262.31	110.91	1,041.77	297.31
(b) Deferred tax	3. 73	1.36	5.48	3.92	24.55
(c) Taxes for earlier years	36.02	49.38	0.26	85.40	(2.08)
Total Income tax expense	403.81	313.05	116.65	1,131.09	319.78
Vil Profit for the period / year from continuing operations(V-VI)	1,019.70	732.34	325.68	2,980.58	867.89
VIII Loss before tax from discontinued operations (beforetax)	(0.24)	(0.75)	(12.38)	(10.44)	(39.21)
IX Tax expense on discontinued operations	0.34	(0.09 )	4.44	1.58	5.22
X Loss after tax from discontinued operations (VIII-IX)
	(0.58)	(0.66)	(16.82)	(12.02)	(44.43)
XI Proftt for the period/ year (Vll+X)	1,019.12	731.68	308.86	2.968.56	823.46
XII Other comprehensive income
Items that will not be reclassified to profit or loss
(a) Re-measurement gains / (losses) on defined benefit	(3.74)	(5.02)	(2.87)	(16.72)	(12.85)
plans(b) Income tax relating to items that will not be
reclassified to profit or loss	0.95	1.26	0.72	4.22	3.24
Other comprehensive income	(2.79)	(3.76)	12.15	(12.50)	19.61
Total comprehensive Income for the period/ year(Xl+XII)	1,016.33	727.92	306.71	2,956.06	813.85
Earnings per equity share (FV Rs. 10 each) (notannualised for interim period)
from conttnutne ooeratlcns
Basic EPS (Rs.)	12.46	8.99	4.52	38.75	12.05
Diluted EPS (Rs.)	12.38	8.81	4.52	38.48	12.05
from d(scontlnu(ng 08crations
Basic EPS (Rs.)Diluted EPS (Rs.)	(0.01)	(0.00)	(0,24)	(0.16)	(0.62)
from total ooeratlons	(0.01)	(0.00)	(0.24)	(0.16)	(0.62)
. ,,1\rm /'11,",Dr ·Basic EPS (Rs.)
~ ~ -·--::-::,>-,,?"l, •' !_I •Diluted EPS (Rs.)	12.4612.37	8.998.81	4.294.29	38.6038.32	11.44
					11.44

Angel Broking

Angel Broking Limited

CIN: L67120MH1996PLC101709

Regd. Office: G-1, Ackruti Trade Centre, MIDC, Road No-7, Andheri (E), Mumbai· 400 093 Tel: (022) 68070100 I Fax: (022) 68070107 Corporate Office: 6th Floor, Ackruti Star, Central Road, MIDC, Andheri (E) Mumbai-400 093. Tel: (022) 40003600 I Fax: (022) 39357699 Website: www.angelbroking.com I Email: investors@angelbroking.com

Notes:

As atAs at31 March 202131 March 2020(Audited)(Audited)ASSETSFinancial assets(a) Cash and cash equivalents5,877.766,132.36(b) Bank balance other than cash and cash equivalents12,896.718,003.23(c) Trade receivables2,276.95390.27(d) Loans11,284.932,805.78(e) Investments352.6555.40(f) Other financial assets14,289.332,705.83Non-financial assets(a) Inventories0.45(b) Current tax assets (Net)14.8249.18(c) Deferred tax assets (Net)47.0248.89(d) Investment property33.941.28(e) Property, plant and equipment1,004.431,038.77(f) Intangible assets under development1.8320.88(g) Intangible assets54.7347.41(h) Right of use assets55.18153.16(i) Other non-financial assets245.26151.63Total assets48,138.2921,901.77LIABILITIES AND EQUITYLIABILITIESFinancial liabilities(a) Trade payables-(i) total outstanding dues of micro enterprises and small enterprises1.97(ii) total outstanding dues of creditors other than micro enterprises and22,762.329,394.93small enterprises(b) Borrowings11,714.694,908.79(c) Other financial liabilities1,797.061,304.65Non-financial liabilities(a) Current tax liabilities (Net)120.520.45(b) Provisions90.9967.08(c) Other non-financial liabilities340.77311.68EQUITY(a) Equity share capital818.27719.95(b) Other equity10,491.705,194.24	2	Consolidated Balance Sheet as at 31 March 2021		(Rs. in million)
		Total liabilities and equity	48,138.29	21,901.77

, Angel BrokinH

An1el Brok1n1 Llmlt•d

CIH: L67120MH1996PLC101 700 Regd , Office: G-1, Ackrutl Trade Centre, MIOC, Road No•7, Andherl (E), Mumbai · 00 093 Tel: (022) 68070100 I Fax: (022) 68070107 Corporate Office: 6th Floor, Ackrutt Star, Central Road, MIDC, Andherf (E) Mumbal-400 09), Tel: (0221 40003600 I Fax: (0221 39357699 Website : 'W'W'.4111tlbrokln1,.01n I Email! tm1C\luts--"'.!111r11t.!lbf'oin1r.cont

3 Consolidated Cash Flow Statement for the y a r ended 31 March 2021</th (Rs, m mllllon)		(Rs, m mllllon)
	Year ended	Year ended
	31 March 2021	31 March 2020
	(Audited)	(Audited)
A. Cash flow from operating activities
Profit before tax	4,101.2)	1,148.46
Adj ustments for non cash and non-operating activities:
Dcprcdalfon and amortisation expense	188.93	221 .14
Gain on cancellation or lease	(8 .28)	(5 .90)
Expense on employee stock option scheme	12.02	19.98
Income from leased property	(1 , 48)	(0.81 )
Interest expense on borroW1ngs	)54.60	4)6.35
Interest on income tax refund	(0.19)	(1.76 )
Provision on expected credit loss on trade receivables	7.79	0,50
Provision on expected credit loss on loans	4,21	o,•Ja
Interest income on financial assets	(12.1 9)	(11 33)
Dividend Income on mutual fund	(0. 13)	(21 .49)
Bad debts written off	334.04	375.7 6
Loss / (profit) on sale of property, plant and equipments	8,60	6.28
IPrortl) / loss on financial Instruments designated at fair value	(89 .18)	(7.4.86)
\hrouyh profit or loss
Operotlns profit before working capital changes	4,899.97	2,143.40
Changes in working capital
Increase/ (decrease) in trade payables	13,)69.36	3,017.)3
[Increase]/ decrease in inventories
	0.45
lncreasi,/ (decrease) in other financial liabilities	492.41	(~).55)
Increase/ (decrease) in other non financial ltabilities	29,0'/	49.75
lncre•~e/ (decrease) in provisions	7,19	1 .88
(Increase)/ decrease in trade receivables	(2,222. 50)	1,385. 0
(I ncrease) / decrease in loans	(8,483.36)	4,810.)2
(Increase)/ decrease in other bank balances	(4,893 ,48)	(2,613. 12)
(Increase)/ decrease in other financia l assets	(11,577.31)	(2 ,022.02)
(Increase) / decrease in other non-financial assets	(9),62]	6.32
Cash generated from operations	(8,471.80)	6,725.81
Income tax paid	(?71 .95)	(292 ,85)
Net cash (used In)/ generated from operating activities (A)	(9,443.75)	&,432. 96
B. Cash flow from Investing activities
Purchase of property, plant and equipment, intangible assets	(144.1 7)	(126.1 81
Proceeds from sale of property, plant and equipment, intangible asset	4.10	1.25
lnc;ome from lease property	1.48	0.81
DMdcnd income from mutual funds	0.13	21 .•19
Payment for purchase of mutual runds	(44,530.44)	11 /,UUU.~V)
Proceeds from sale of mutual fund and shares	44,916.87	16,821.81
Ncl cash generated from/ (used In) Investing activities (B)	247.97	(28 1.32)
C. Cash flow from Financing activities
Proceeds/ (rcpay111ents) of borrowings	6,940.38	(3,763.97)
Proceeds from vehicle loan	J54	10.37
Repayment of vehicle loan	(39, 48)
Proceeds from issue of equity shares	l.,005.84
Share 1Ssue expenses	(151.57)
Interest paid on borrowings	(346.69)	(436.35 )
Interim dividend paid	(426.58)	(194,39 1
Dividend tax paid		()9.60)
Repayment of lease liabtltties including interest		(64 ,96)
Net cash generated from / (used In) financing activities (C)	8, 941.18	(4,488.90)
r,l et increase / (decrease) in cash and cash equivalents (A+B+C)
	(254. 60)	1,662.7~
Cash and cash equivalents at the beginning of the year	6, 132.)6	4,469.6.2
Ca>h and cash equivalents at the end of the year	S, B77. 76	6,132.36
Cash and cash equivalents comprise
Batanc1:) with banks
On current accounts	816.60	3,61 1.93
Fixed deposits with original maturity less than 3 months	5,057.32	2,5 1•1.39
Cash on hand	0. 07	0.bS
Cheques on hand	3.77	5.39
Tot al cash and bank balances at end of the year	5,877.76	6,132.36

Angel Broking·

Angel Broking Limited

CIN: L67120MH1996PLC101709

Regd. Office: G-1 , Ackrutl Trade Centre, MIDC, Road No-7, Andheri (E), Mumbai· 400 093 Tel: (022) 68070100 I Fax: (022) 68070107 Corporate Office: 6th Floor, Ackruti Star, Central Road , MIDC, Andheri (E) Mumbai-400 093. Tel: (022) 40003600 I Fax : (022) 39357699 Website: www.angelbroking.com I Email: investors@angelbroklng.com

Particulars		Quarter ended	Year ended
	31 March 2021(Audited)	31 December 20 20(Unaudited)	31 March 2020(Audited)	31 March 2021(Audited)	31 March 2020(Audited)
Segment revenue
Broking and related services	4,164.47	3,135.06	1,973.59	12,913.63	7,460.66
Finance and Investing activities	24.12	21 .02	28.69	84.75	103 .67
Health and allied fitness activities•	0.14		10.52	1.39	52 .06
Unallocated	0.01		0.26	0.19	1.76
Total	4,188.74	3,156.08	2,013.06	12,999.96	7,618.15
Less: Inter • Segment Revenue			(6.20 )	(8 .75)	(18 .96)
Tota I revenue	4, 188.74	3,156.08	2,006.86	12, 99 1.2 1	7 ,599. 19
Profit before tax
Broking and related services	1,397.59	1,050.44	429 .56	4,078.40	1,132.63
Finance and Investing activities	25.91	(5.05)	12 .51	33.08	53 .27
Health and allied fitness activities•	(0 .24)	(0.75)	(12 .38 )	(10.44)	(39.20)
Unallocated	0.01		0.26	0.19	1.76
Total profit before tax	1,42 3. 27	1,044.64	429.95	4, 101 .23	1, 148.46
Segment assets
Broking and related services
Finance and Investing activities	46,946.37	37,867.56	20,762 .78	46,946.37	20,762 .78
Hea llh and allied fitness activities'	990.91	982.42	833 .81	990 .91	833 .81
Un allocated	7.52	8.25	166.82	7.52	166.82
Total segment assets	193.4948 , 138.29	150.3839,008.61	138.3621 901.77	193.4948 ,138.29	138.3621 ,901.77
Segment ltabtllt1es
Broklqg and related services	36,534.96	28,463 .95	15 ,911 .41	36,534.96	15,911.41
Flnarlce and Investing activities	168 .83	185.03	10.77	168.83	10.77
Hea ll.11 and allied fitness activities'	4.01	4.01	64.95	4.01	64.95
UnallocatedTotal segment 11abfl1tles	120.5236,8 28.32	71.1628 724.1 5	0.4515, 987.58	120.5236 ,828. 32	0.4515 ,987.58
Capital employed (segment assetssegment 11abtlltles)
Broki,,g and related services	10,411 .41	9,403 .61	4,851 .37	10,411.41	4,851 .37
Finance and Investing activities	822.08	797.39	823.04	822.08	823 .04
rlealth and allied fitness activities•	3.51	4.24	101 .87	3. 51	101 .87
Unallocated	72 .97	79.22	137.91	72.97	137.91
Total capital employed	1 1,309.97	10, 284 .46	.19,9	11 ,309. 97	5,914. 19

Angel Broktna Ltmtted

CIN: L67120MH1996PLC101709 Regd . Office: G-1, Ackruti Trade C~n\re, MIC'JC, Rm11d Nn-'1 1A.f'l.tnlf'rl (E), IAJ,nb,d • -400 091 Tel: (022) bS0701 00 I Fax: 1022) 68070107 Corporate Office: 6th floor, Ackrutl Sta,•, Cr1'tlri'I-I P_o.lt_d , MJOC, Anliheri (E) MumbaHOO 09l. Tel: (022) 4tl()Ql600 / Fax: (022) 39357699 Web~ltcir www.anJjc!l>roklm1.i;:Qm I Email,; fn'l.'l!'Stor!l,@"i:'Ulg:1;:,lbroking.com

Notes:

• 5 These audited consolidated financial results have been prepared in accordance with the Indian Accounting Standard (referred to as "Ind AS") prescribed under Section 133 ol' the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules as amended from time to time. These audited consolidated financial results of Angel Broking Limited 'Company· and its subsidiaries (together referred as 'Group') for the quarter and year ended 31 March 2021 have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 05 May 2021. The statutory auditors have carried out audit of the above consolidated audited financial results of the Group for the quarter and year ended 31 March 2021.
• 6 The Ind AS compliant consolidated financial results pertaining to the corresponding quarter ended 31 March 2020 have not been subjected to a limited review or audit by our statutory auditors.
• 7 During the quarter ended 30 September 2020 the Company concluded an Initial Public Offering 'IPO" through fresh issue of 98,03,921 equity Shares and offer for sale of 98,03,914 equity shares at an offer price of Rs. 306 per share, The equity shares were allotted on 30 September 2020 and listed on National Stock Exchange of India Limited and BSE Limited on 05 October 2020.
• 8 On 28 January 2021 , the Boa rd of Directors approved the A11gel Brokh1g E~1ploye" Long Term Incentive Pla11 2021 (L Tl Plan 2021) for Issue of Options, Restricted Stock U11lts and Performance Stock Units to the Eligible empl-oye s of the Company and lts subsidiaries to al.tract, retain and manvate key talent, align lnr;llvldual perfonna nce with the Company objective by rewarding senior management and key htgh perforrnlng em1iloyees, subject lo the ap1iroval of shMeholders . The shareholders approved the LT! Plan 202J lhrough l'oslal ballot on 05 March 2021. Tile Nomination and Remuneration CommlUei, on 30 Mar·ch 2021 granted 7,05,504 :tock optlnns to the el!&lble employees of the Company and its subsidiaries.

9 As on 31 March 2021, the Company has 15,31,247 stock options outstanding under Employee Stock Option Plan 2018 (Scheme 2018) and 7,05,504 stock options oulSta11dln11 under Angel Broking Employee Long Term Incentive Plan 2021 (Scheme 2021).

1 0 Standalone Information

Date : 05 May, 2021 Place: Mumbai

1 0 Standalone InformationParticulars		(Rs. in m1lllonJQuarter endedYear ended
	31 March 2021(Audited)	31 December 20 20(Unaudited)	31 March 2020(Audited)	31 March 2021(Audited)	J 1 March 2020(Audited)
[Revenue from operations	4,043.69	3,034.38	1,890.24	12,504.72	7,105.18
Profit before tax	1,385.26	1,046.40	461 .48	3,981.79	1,169.65
Profit for the period/ year	997.18	732.89	350.57	2,903.97	866.24
Total Comprehensive Income for the period I Year	994.73	729.53	348.59	2,892.40	856.95

n,e audited standalone and consohdated financial results of Angel Broking Lfmfted are available on the Company's website, www.angelbrokmg. com and on the stock c~change website www.nseindia.com and www.bseindia.com.

11 Dunng the year ended 31 March 2021 the Company and its subsidiaries has received final orders for applications filed under Direct Tax Vivad se Vishwas Act, 2020 (Vsv Act) m respect of litigation outstanding with Hon'ble Bombay High court for assessment years 2005 • 2006, 2008 . 2009 and 2010 • 201 1 and provided for Rs. 82.87 Million in its books of accounts as per the proviS1ons of the VsV Act.

12 The Code on Social Security, 2020 ('Code' ) relating to employee benefits during employment and post-employment benefits received Presidential assent In September 2020. The Code has been published In the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/Interpretation have not yet been issued. The Company wll( assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective. 13 The Board of Directors at its meeting held on 22 April 2021, have declared third interim dividend of Rs. 7.5 per equity share.

14 The previous period/year figu res have been regrouped/ reclassified wherever necessary to conform to current perfod's./year's presentallon.

On behalf of the Board of Directors

;O~r_A; B~ leu

Dinesh Thakkar Chairman and Managing Director

S.R. BATLIBOI & Co. LLP Chortered Accountants

12th Floor. The Ruby 29 Senapali Bapa! Mmg Dadar (W~st) Murnbai - .ioo 028. India Tel: ➔ 91 22 6819 8000

Independent Auditor's Report on the Quarterly and Year to Date Audited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To The Board of Directors of Angel Broking Limited

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date standalone financial results of Angel Broking Limited (the "Company") for the quarter ended March 31, 2021 and for the year ended March 3 1, 2021 ("Statement"), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 20 I 5, as amended (the "Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

• i. is presented in accordance with the requirements of the Listing Regulations in this regard; and
• ii. gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information of the Company for the quarter ended March 3 l, 2021 and for the year ended March 31 , 2021 .

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Standalone Financial Results" section of our repo1i. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Standalone Financial Results

The Statement has been prepared on the basis of the standalone annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit and other comprehensive income of the Company and other financial information in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the

L

5.R. BATLIBOI & Co. LLP

Chartered Accountants

Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board ofDirectors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. Ifwe conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

S.R. BATLIBOJ & Co. LLP

Chartered Accountants

• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

The Statement includes the results for the quarter ended March 31, 2021 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For S.R. BATLIBOI & Co. LLP Chartered Accountants TCAI Firm Registration Number: 30 I 003E/E300005 ~ per Viren H. Mehta

Partner Membership No.: 048749 UDIN: 21048749AAAAIJ8570

Mumbai May 05, 2021

S.R. BATLIBOI & Co. LLP 29 Stnapali BapH! Marg Chartered Accountants fv1urnb~1\ • ).Oo O~?.B, lmfo]

12th Floor. The r,uby Datjar (V\lest) Tel: , 9 t 22 68'19 8000

Independent Auditor's Report on the Quarterly and Year to Date Audited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To The Board of Directors of Angel Broking Limited

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date consolidated financial results of Angel Broking Limited ("Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") for the quarter ended March 31, 2021 and for the year ended March 31, 2021 ("Statement"), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations")

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate audited financial results of the subsidiaries, the Statement:

Name of the Entitv	Relationship
Angel Financial Advisors Private Limited	Wholly Owned Subsidiary
Angel Fincap Private Limited	Wholly Owned Subsidiary
Angel Securities Limited	Wholly Owned Subsidiary
Ane~I nir;itech Solutions Private Limited
(Formerly known as Angel Wellness Private
Limited)	Wholly Owned Subsidiary
Mimansa Software Systems Private Limited	Wholly Owned Subsidiary

i. includes the results of the following entities;

• ii. are presented in accordance with the requirements of the Listing Regulations in this regard· and
• iii. gives a true and fair view in conformity with the appli cable accounting standards, and other accounting principles generally accepted in India, of the consolidated net profit and other comprehensive income and other financial information of the Group for the quarter ended March 31, 202 I and for the year ended March 31, 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143( I 0) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Results" section of our report. We are independent of the Group and its associates in accordance with the 'Code of Ethics' issued by the Institute of Chartered

L

S.R. BAruB01 & Co. LLP

Chartered Accountants

Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in "Other Matter" paragraph below, is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Consolidated Financial Results

The Statement has been prepared on the basis of the consolidated annual financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the net profit and other comprehensive income and other financial information of the Group in accordance with the applicable accounting standards prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.

In preparing the Statement, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respet:Live Bmml uf Di, edui s uf Lite t:uHiJJ,lliits included in the Group are also responsible for overseeing the financial reporting process of the Group.

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The

l

S.R. BATLtBOI & Co. LLP

Chartered Accountants

risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial results of the entities within the Group of which we are the independent auditors to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the Circular No. CIR/CFD/CMDI/44/2019 dated March 29, 2019 issued by the Securities Exchange Board of India under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

Other Matter

The accompanying Statement includes the audited financial results and other financial information, in respect of:

• Five subsidiaries, whose financial results include total assets ofRs.1,603.30 million as at March 31, 2021, total revenues of Rs.59.70 million and Rs.194.57 million, total net profit after tax of Rs.22.0 I million and Rs.29.80 million, total comprehensive income of Rs.21.68 million and Rs.28.87 million, for the quarter and the year ended on that date respectively, and net cash outflows ofRs.118.71 million for the year ended March 31,

S.R. BAnmo, & Co. LLP Chartered Accountants

2021, as considered in the Statement which have been audited by their respective independent auditors.

The independent auditor's report on the financial results of these entities have been furnished to us by the Management and our opinion on the Statement in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of such auditors and the procedures performed by us as stated in paragraph above.

Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.

The Statement includes the results for the quarter ended March 31, 2021 being the balancing figures between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year-to-date figures up to the end of the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For S.R. BATLIBOI & Co. LLP Chartered Accountants ICAI Firm Registration Number: 301003E/E300005 ~ per Viren H. Mehta

Partner Membership No.: 048749 UDIN: 21048749AAAAIK1743

Mumbai May 05, 2021

Angel roking

CEO & CFO Certificate under Regulation 33(2) (a) of SEBI (LODR) Regulation, 2015.

To,

The Board of Directors, Angel Broking Limited

We the undersigned, in our respective capacities as Chief Executive Officer and Chief Financial Officer of Angel Broking Limited ("the Company") to the best of our knowledge and belief certify that:

a. We have reviewed financial statements for the quarter and year ended 31 March 2021 and that to the best of our knowledge and belief, we state that:

• i) these statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading; and
• ii) these statements together present a true and fair view of the Company's affair and are In comp liance with existing accounting standards, applicable laws and regulations.

b. We further state that to the best of our knowledge and belief, no transactions are entered into by the Company during the period, which are fraudulent, illegal or violative of the Company's code of conduct.

c. We are responsible for establishing and maintaining internal controls over financial reporting and that we have evaluated the effectiveness of internal control systems pertaining to financial reporting of the Company and have disclosed to the Auditors and the Audit committee, deficiencies in the design or operation of internal controls, if any, of which we are aware and the steps we have taken or propose to take to rectify these deficiencies.

d. We have indicated to the Auditors and the Audit committee:

• i) significant changes, if any, in internal control over financial reporting during the quarter and year;
• ii) significant changes, if any, in accounting policies during the quarter and year ended 31 March 2021, the same have been disclosed in the notes to the financial statements; and
• iii) Instance of significant fraud of which we have become aware and the involvement therein, if any, of the management or an employee having a significant role In the Company's internal control system over financial reporting.

For Angel Broking Limited

~z.t::~ Chief Executive Officer

Place : San Francisco Date : 3 May 2021

cso & _Corporate Office: 6th Floor, Aclsruti Star, Central Aoad, MIOC, Andhed (E.J Mumbai•400 093 Tel; {022) 40003600 I Faw: (D22) 39357699

Aegd Office: G-1, Ackrutl Trade Centr~. MIOC, Road No·?, Andhetl (E:), Mumbai --'iOO 093, T•I: (022) 680701001 Fax:(022) 68070107 E-mail:1.,MJ,;,.V!.>Utt:atcJ!•ll.i.u...W,nu....:.i.LJJ, Website: WWW angelbroklng.com

For Angel Broklng.J.lhilt~d

Vlne'dw'rr.

Chief Ft,{ancla l Officer

Place : Mumbai Date : 3 May 2021

Ang•I Broking limited CIN: l67120MH1996PLC10l709 SEBI Aegistration No Stock Broker: INZ000161534, CDSL: IN· DP-384-2018. PMS: INP000001S46. Aesearch Analyst INH000000164, Investment Advisor: INA000008172. AMFI Aegn No ARN-77404, PFROA, Regn No,•19092018,

Annexure III

In compliance with Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 and based on the recommendations of the Nomination & Remuneration Committee and subject to the approval of the shareholders, the Board of Directors at their meeting held today i.e., Wednesday, May OS, 2021 has approved change in designation of Mr. Ketan Shah (DIN: 01765743) from Non-executive director to Executive - Whole Time Director (WTD) and Key Managerial Personnel of the Company for the period of 5 years with effect from May 05, 2021 till May 04, 2026, as per the provisions of Section 203 of the Companies Act, 2013 read with its applicable Rules and Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Further, we wish to confirm that Mr. Ketan Shah has not been debarred from holding the office of Director by virtue of any SEBI order or any other authority. Also, we wish to confirm that he is not related to any Director or Key Managerial Personnel or Promoters of the Company.

Name ofDirector/KMP	Mr. Ketan Shah (DIN: 01765743)
Reason for change viz.appointment,Fesignatien, Feme•;al,eeath 01' etheFwise	Appointment (to fill in casual vacancy)
Date ofAppointment/Cessatien'~-''~~l1-"<br>'-"I-Ir--- •IIA.ll.#ll'-'f	May 05, 2021
'Terms of appointment	Five (5) Years (From May 05, 2021 to May 04, 2026)
Brief Profile	Name: Mr. Ketan ShahAge: SO yearsDesignation: Whole Time DirectorWith 26+ years of expertise in business, technology andoperations, Mr. Ketan Shah is associated with Angel BrokingLtd. as Non-executive Director since May 11, 2018 and as itsanindustry veteranandChief RevenueOfficer.Beinga passionate and dedicated leader of multiple importantverticals, herevenuecustomeris leading thefunction,engagement & services, 82B business, B2C, and Research &Advisory functions at Angel Broking Ltd.Mr. Shah began his career in the broking industry, and thenshifted his focus towards extracting the potential of IT in thefinancial sector to enhance the business of broking. Withutmost dedication, he successfully charted his career path in

CSO & Corporate Office: Regd Office: Angel Broking Limited 6th Floor, Ackruti Star, Central Road, MIDC, Andheri (E) Mumbai-400 093. Tel: (022) 4000 3600

G-1, Ackruti Trade Centre, MIDC, Road No-7, Andheri (E), Mumbai - 400 093. Tel: (022) 6807 0100 Fax:(022) 3935 7699 INP000001546, Research Analyst: Fax: (022) 6807 0107 E-mail: support@angelbroking.com Website: www.angelbroking.com

CIN: L67120MH1996PLC101709, SEBI Registration No Stock Broker: INZ000161534, CDSL: IN-DP-384-2018, PMS: INH000000164, Investment Advisor: INA000008172, AMFI Regn. No. ARN-77404, PFRDA, Regn. No.-19092018.

the technology side of the broking industry.Mr. Shah isundoubtedly one of the core driving forces behind theconsistent technological innovations at Angel Broking - manyof which have been industry firsts.leaderAhighly-qualifiedseniorintheorganization,Mr. Ketan Shah is best known for building profitable andsustainable revenue also through BZC, and digital avenues byengaging actively with customers. This was achieved whiledirectingtheorganizations'timeandresourcesintocustomerinnovation,creativepursuits,teamwork,engagement and superior communications. The choices madeby him at the helm of affairs at the Company, took BZC,customer servicing, and research to great new heights.Additionally, he has also proven his competence in strategyplanning, information security, project management & channeldevelopment.

Disclosure ofrelationship betweenDirectors /KMPs(in case ofappointment of adirector)

Mr. Ketan Shah is not related to any Director or KMP of theCompany.

CSO & Corporate Office: 6th Floor, Ackruti Star, Central Road, MIDC, Andheri (E) Mumbai-400 093. Tel: (022) 4000 3600 Fax:(022) 3935 7699

G-1, Ackruti Trade Centre, MIDC, Road No-7, Andheri (E), Mumbai - 400 093. Tel: (022) 6807 0100 Fax: (022) 6807 0107 E-mail: support@angelbroking.com Website: www.angelbroking.com

Regd Office: Angel Broking Limited

CIN: L67120MH1996PLC101709, SEBI Registration No Stock Broker: INZ000161S34, CDSL: IN-DP-384-2018, PMS: INP000001546, Research Analyst: INH000000164, Investment Advisor: INA000008172, AMFI Regn. No. ARN-77404, PFRDA, Regn. No.-19092018.

Annexure IV

Details of Secretarial Auditor

Sr. No	Particular	Description
1	Name of the Firm	M/s. MMJB & Associates LLP
2	Address of the Firm	Ecstasy, 803/804, 8th Floor, City of Joy, J.S.D.Road, Mulund (West), Mumbai- 400080.Tel: 022-21678100.
3	Reasonforchangeviz.,appointment,resignation,removal, death or otherwise	Appointment to comply with the CompaniesrequirementsunderAct,2013andtheSEBI(LODR) Amendment Regulations, 2015
4	Date of Appointment /cessationtermsapplicable)of(as&appointment	May OS, 2021TermsofAppointment:&M/s.MMJBappointed as SecretarialAssociatesLLPisAuditor of the Company to conduct SecretarialAudit for Financial Year 2021-2022
s	ofBriefprofile(incaseappointment)	& Associates LLPis a firm ofM/s. MMJBPracticing Company Secretaries comprising of 6partners having wide experience in corporateTheprovidescompliances.variousfirmadvisory services on corporate compliances,incorporation,mergerssecuritieslaw,andacquisitions, corporate restructuring,FEMA,Intellectual Property Rights, etc.
6	ofDisclosurerelationshipsbetween directors (in case ofappointment of a di rector).	None

CSO & Corporate Office: 6th Floor, Ackruti Star, Central !=load, MIDC, Andheri (E) Mumbai-400 093. Tel: (022) 4000 3600 Fax:(022) 3935 7699

Regd Office:

G-1, Ackruti Trade Centre, MIDC, !=load No-7, Andheri (E), Mumbai - 400 093. Tel: (022) 6807 0100 Fax: (022) 6807 0107 E-mail: support@angelbroking.com Website: www.angelbroking.com

Angel Broking Limited

CIN: L67120MH1996PLC101709, SEBI i:legistration No Stock Broker: INZ000161534, CDSL: IN-DP-384-2018, PMS: INP000001546, i:lesearch Analyst: INH000000164, Investment Advisor: INA000008172, AMFI i:legn. No. Ai:lN-77404, PFi:lDA, i:legn. No.-19092018.

Annexure V

Details of Independent Auditor

Sr. No	Particular	Description
1	Name of the Firm	M/s. Parekh Shah & Lodha
$\overline{c}$	Address of the Firm	31-E, Laxmi Industrial Estate, New Link Road,Andheri (W), Mumbai - 400 053
3	Reasonforviz.,changeappointment,resignation,removal, death or otherwise	Appointment to comply with the Companiesand the requirements underAct, 2013SEBI(LODR) Amendment Regulations, 2015
$\overline{4}$	Date of Appointment /cessation(as applicable) & terms ofappointment	May 05, 2021Terms of Appointment: M/s. Parekh Shah &Lodha is appointed as Secretarial Auditor of theCompany to conduct Internal AuditforFinancial Year 2021-2022.
5	Briefprofile(inofcaseappointment)	M/s. Parekh Shah & Lodha, is a 32 year oldMumbai based firm of Chartered Accountantsspecialized in the field of rendering variousManagement ConsultancyandAssuranceservices to Securities Market Intermediaries,Banks, Financial Institutions and CorporateHouses.They have been providing Assurance &Advisory servicesSecurities$\mathsf{to}$MarketIntermediaries for more than 28 years and areexperiencedin providing the followingservices:a. Internal Auditb. Statutory Auditc. Regulatory Compliance Advisoryc. System Auditsc. Cyber Security Audit and related advisoryd. Process Reviews and Control Implementatione. Handling Regulatory Inspectionsf. PMS Auditg. Research Analyst audith. Corporate & Business Law Advisoryi. Direct Tax Advisoryj. GST Audit and AdvisoryThe other services rendered by the firm havebeen in the nature of Forensic Audit, DueDiligence, Stock Audits, Techno-EconomicViability Study, Valuation of Business / Assetsetc.They are empanelment with various regulatoryauthorities, Banks, Financial Institutions which

CSO & Corporate Office: 6th Floor, Ackruti Star, Central Road , MIDC, Andheri (E) Mumbai-400 093. Tel: (022) 4000 3600 Fax:(022) 3935 7699

Regd Office:

G-1, Ackruti Trade Centre, MIDC, Road No-7, Andheri (E). Mumbai - 400 093. Tel: (022) 6807 0100 Fax: (022) 6807 0107 E-mail: support@angelbroking.com Website: www.angelbroking.com

Angel Broking Limited

CIN: L67120MH1996PLC101709, SEBI Registration No Stoc k Broker: INZ000161S34, CDSL: IN-DP-384-2018, PMS: INP000001546, Research Analyst: INH000000164, Investment Advisor: INA000008172, AMFI Regn. No. ARN- 77404, PFRDA, Regn. No.-19092018.

		EconomicWing(EOW),includesOffencesComptroller andAuditorGeneralof India(C&AG), Reserve Bank of India (RBI), IndianBanks' Association (IBA), Securities & ExchangeBoard of India l SEBI), etc.
6	ofrelationshipsDisclosurebetween directors (in case ofappointment of a director).	None

CSO & Corporate Office: 6th Floor, Ackruti Star, Central Road, MIDC, Andheri (E) Mumbai-400 093. Tel: (022) 4000 3600 Fax:(022) 3935 7699

Regd Office:

G-1, Ackruti Trade Centre, MIDC, Road No-7, Andheri (E), Mumbai - 400 093. Tel: (022) 6807 0100 Fax: (022) 6807 0107 E-mail: support@angelbroking.com Website: www.angelbroking.com

Angel Broking Limited

CIN: L67120MH1996PLC101709, SEBI Registration No Stock Broker: INZ000161534, CDSL: IN-DP-384-2018, PMS: INP000001546, Research Analyst: INH000000164, Investment Advisor: INA000008172, AMFI Regn. No. ARN-77404, PFRDA, Regn. No.-19092018.