 "ICICI Securities")
Leading investment services firm ICICI Securities Friday reported a 3.22 per cent growth in its net consolidated profit after tax (PAT) to Rs 1.34 billion for the three months ended September 30.
In comparison, the company had a PAT of Rs 1.30 billion in July-September quarter of 2017-18, ICICI Securities said in a filing to the stock exchanges.
The company's revenues grew to Rs 4.58 billion in the period under review from Rs 4.55 billion in the second quarter ended September 30, 2017.
Besides, the company has declared an interim dividend Rs 3.70 per share.
In another development, Vinod Kumar Dhall has been appointed as the Chairman of the company.
Dhall, who served as a secretary in the ministry of corporate affairs, was instrumental in setting up the Serious Fraud Investigation Office and initiated the pioneering e-governance project MCA21.
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He has also served as an acting chairman of the Competition Commission of India until 2008. He has long experience in economic and industrial matters and regulatory experience, including as member, Sebi and in insurance.
ICICI Securities Ltd (I-Sec), a subsidiary of ICICI Bank, offers a wide range of financial services, including investment banking, institutional broking, retail broking, private wealth management, and financial product distribution.
During the second quarter of the current fiscal, the company's broking revenue with interest income rose 4 per cent to Rs 2.92 billion, while revenue from distribution business surged 19 per cent to Rs 1.28 billion.
For the half year period ended September 30, the firm posted a 8 per cent increase in its PAT to Rs 2.68 billion, against Rs 2.48 billion registered in April-September 2017-18, while revenue climbed 4 per cent to Rs 894 crore in the period under review as against Rs 8.57 billion in the year ago period.
"We have sustained revenue and profit growth for the half year in an otherwise muted market. In the broking business, we continue to sustain our market share and have maintained our leadership position. We are focused on revenue diversification through cross sell and are garnering scale in several of our newer initiatives like financial advisory businesses.
"We remain committed to the long term prospects of the Indian capital market and will invest in technology and innovation to take advantage of the macroeconomic trends of increasing financialisation and equitisation in household savings," the company's managing director and chief executive officer Shilpa Kumar said.
