ANGELONE

Angel One sought to reassure investors about the recent slowdown in its credit business after analysts raised concerns over a sharp decline in loan disbursals. During the brokerage's June-quarter earnings call, management attributed the moderation to temporary operational bottlenecks on the lenders' side rather than any weakness in customer demand. Analysts noted that loan disbursals have fallen nearly 30% from their peak over the past few quarters, even as the broader lending industry continues to post healthy growth. Responding to the concerns, management acknowledged the near-term slowdown but emphasized that quarterly disbursals are affected by multiple factors, including customer sentiment, lenders' underwriting norms, loan pricing, and the overall customer experience on the platform. "Some friction in these parts of the funnel can have a short-term impact," Chief Business Officer Saurabh Agarwal said, citing KYC verification, underwriting processes managed by lending partners, and technology-related issues as key factors behind the temporary moderation.