Shares of discount broker Angel One Ltd. gained as much as 10.5% on Tuesday, October 15, after a strong September quarter on the operational front, despite revenue being a miss on estimates.

Angel One’s revenue for the September quarter grew 8% on a sequential basis to ₹1,515 crore.

Interest Income increased by 22% from the June quarter to ₹359 crore, while the gross broking revenue increased by 2% sequentially to ₹936 crore.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) margin improved by over 1,000 basis points from the June quarter to 44.4% from 33.5%.

Angel One’s profit at ₹423 crore, grew by 45% quarter-on-quarter, was also better than estimates.

Angel One’s gross client acquisition for the quarter increased by 41% from the year-ago quarter to 3 million. In comparison to the June quarter, that number is up by 15.9%.

Shares of Angel One are trading 9.3% higher at ₹2,975.8. The stock is up for the fourth day in a row and has gained over 10% during this period.

The stock has seen a significant recovery from the lows of ₹2,025, which it had declined to in July this year. From those levels, the stock is up nearly 50%. At the lows of July, the stock had nearly halved from its peak of ₹3,896.

Angel One shares gained 19% in the month of August, was flat in September and is already up 17% so far this month.

Out of the nine analysts that have coverage on Angel One, six of them have a “buy” rating, two have a “hold” and one has a “sell” recommendation.

The company will also be holding an earnings call on Tuesday where more clarity on the impact of the stricter F&O norms, impact on volumes and the measures the company will take to mitigate these risks will be awaited.