Angel One (Angel) continued with its strong performance in Q4FY23 in terms of client additions (~1.3mn in Q4FY23 vs ~1mn in Q3FY23) and growth in the number of orders (average monthly run-rate of ~88mn orders in Q4FY23 vs ~74mn in 9MFY23). Factoring this, we raise our EPS estimates by 7% and 11% for FY24 and FY25, respectively.