 "Q1 results, Q1 earnings")
Brokerage firm ICICI Securities’ consolidated net profit dipped 1 per cent to Rs 270.8 crore for the quarter ended June 2023. The company reported consolidated revenue of Rs 934 crore, recording a year on year jump of 17.5 per cent.
A 33 per cent surge in its total expenses has dented the company’s profit. The brokerage’s total expense grew to Rs 570 crores from Rs 428 crore during June quarter of the previous year.
The company said that it added 210,000 clients during the June quarter taking the overall customer base to around 9.3 million.
ICICI Securities saw a jump of 23 per cent YoY in derivative revenue and 16 per cent increase in derivatives customers. The segment contributes 13 per cent of the total revenues. In the investor presentation, the firm reported a jump in the retail cash market share to 12.2 per cent from 9.7 per cent in the previous year.
Earlier in June, the board of ICICI Bank had approved the delisting of ICICI Securities, proposing to make it a wholly-owned subsidiary. The delisting plan still needs approval of the shareholders and creditors, regulatory and statutory bodies.
Shares of ICICI Securities closed marginally higher at Rs 632 on Friday.
