BENGALURU, July 15 Reuters Indian brokerage Angel One reported a higher firstquarter profit on Monday, boosted by a surge in orders amid increased trading activity.

Consolidated profit increased by 32.6 yearonyear to 2.93 billion rupees 35.1 million in the three months to June 30.

Indian benchmarks scaled record highs during the June quarter and logged their fifth straight quarterly gain, supported by policy continuity following the general election results and optimistic economic growth prospects.

The company39;s orders jumped nearly 86 yearonyear, with the total client base rose 64. The average daily turnover also rose almost 93 to 43.8 trillion rupees.

Angel One, which provides trading and investing services through its app, reported a 74 increase in consolidated total revenue from operations to 14.05 billion rupees.

However, Angel One39;s total expenses nearly doubled due to its partnership with cricket tournament Indian Premier League IPL.

The company, which competes with startups including Zerodha, Groww and Upstox, said its IPLrelated expenses in the quarter stood at 1.15 billion rupees, constituting more than 11 of its total expenses.

The company39;s share in India39;s demat accounts rose 15.2 from 12.5 a year earlier.

Earlier this month, the market regulator directed exchanges to impose uniform fees from brokers instead of fees based on volumes, aiming to control the frenzy in India39;s derivative markets.

Analysts at HDFC Securities revised their…