ICICI Securities Q1 results: Net profit falls 1% to ₹271 crore, revenue rises 18% YoY

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₹270.9 crore for the quarter ended June 2023. The company posted a net profit of ₹273.6 crore in the same period last quarter last year.

The company’s total revenue from operations in Q1FY24 increased 18% YoY to ₹934.3 crore from ₹793.5 crore. Its total expenses in Q1FY24 rose by 33% to ₹570 crore, resulting in declining profit.

During the quarter, ICICI Securities added 2.1 lakh clients, taking its overall customer base to around 93 lakh.  Retail Equities and Allied revenue came in at ₹515 crore, up 8% YoY, while distribution income was ₹159 crore, up 4% YoY, the broking firm said in a release. Private Wealth Management (PWM) revenue increased 15% to ₹264 crore.

Also Read: Hindustan Zinc Q1 results: Net profit falls 36% to ₹1,964 crore on lower metal prices; revenue drops 22% YoY On the institutional side, Issuer Services and Advisory revenue growth was 3% at ₹36 crore and Institutional Equity & Allied Revenue was up 13% at ₹55 crore. In Q1FY24, retail cash equity market share improved from 9.7% to 12.2% YoY, and Retail derivative market share improved from 3.5% to 3.6% YoY on the back of initiatives like continuous introduction of new age digital tools and customized brokerage plans targeted at derivatives traders, it said.  Also Read: Ashok Leyland Q1 results: Net profit jumps 747% to ₹576 crore; revenue up 13% YoY In June, the board of ICICI Bank approved to delist ICICI Securities from exchanges, after which it will become a wholly owned subsidiary of the bank.