ICICI Securities on July 20 reported a consolidated net profit of Rs 2,709 crore for the quarter ended June 2023, down 1 percent from the same quarter last year.
In Q1 FY23, the broking firm reported a net profit of Rs 2,736 crore.
Meanwhile, the company’s topline has increased 18 percent YoY to Rs 9,343 crore and expenses increased 33 percent to Rs 5,701 crore.
The increase in cost was primarily on account of an increase in the cost of funds for the MTF (margin trading facility) book, an increase in employee cost due to annual increments, ESOPs, and new hirings. The company also bumped up franchise-enhancing spend on technology.
For the quarter under review, ICICI Securities‘ brokerage income increased to Rs 343 crore, up 13 percent YoY. This was primarily due to an increase in retail equity and derivative volumes, said the company in an exchange filing.
It also increased its market share in the retail cash segment to 12.2 percent from 9.7 percent a year ago as well as in the retail derivative segment to 3.6 percent from 3.5 percent earlier.
Its market share in NSE active clients stands at 6.6 percent. The total clients for the firm now stands at 9.3 million.
On June 29, the broking firm announced that will delist and become a wholly owned subsidiary of its parent company ICICI Bank. Public shareholders of ICICI Securities would be allotted 67 equity shares of ICICI Bank for every 100 equity shares of the company.
Ahead of announcing results, ICICI Securities gained to 2 percent to close at Rs 630 on the NSE.
