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Home / Companies / Company Results /  ICICI Securities March quarter profit jumps two-fold to Rs329 crore

ICICI Securities on Wednesday reported an over two-fold jump in consolidated net profit to 329.47 crore for March 2021 quarter on account of growth in revenue and improvement in margins.

In comparison, the company had posted a consolidated net profit of 155.88 crore in the year-ago period, ICICI Securities said in a statement.

The company's consolidated revenue from operations surged 53.89% Year-on-Year(Y-o-Y) to 739.34 crore in the quarter under review from 480.44 crore in the three months ended March 31.

The growth in revenue has been supported by strong all-around performance in equities and allied business, distribution business, private wealth management business, and investment banking business, the company said.

Among other businesses, equities and allied revenue rose 46% on a Y-o-Y basis to 482 crore, Distribution income too grew 22% Y-o-Y to 141 crore, Private Wealth Management and Issuer Services & Advisory revenue grew 82% and 441% Y-o-Y to 158 crore and 53 crore respectively.

Cost to income ratio stood at 40% in March quarter, against 57% in the same quarter last year. Return on Equity (annualized) during the period stood at 81%, over 55% in the corresponding quarter of previous year.

The company declared a final dividend of 13.5 per share, amounting for 21.5 per share for fiscal year 2020-21, over 11 per share paid in fiscal 2019-20.

ICICI Securities, a subsidiary of ICICI Bank, is a leading retail-led equity franchise, distributor of financial products, and investment bank.

"We reported a strong all around financial and operational performance during the quarter,which is a testimony of successful implementation of the strategic vision we had articulated earlier and favorable market conditions." Vijay Chandok, Managing Director and Chief Executive Officer of ICICI Securities, said.

He, further, said we are focused on executing our strategy to digitally and seamlessly deliver highly personalized and relevant products and solutions for our customers. Towards this, are investing in building capabilities to cater to the rapidly growing segments like the millennials and Gen Z, which the company has started attracting in large proportions.

ICICI Securities gained 3.41% to close at 424.15 on Tuesday on the BSE, while the benchmark index, Sensex lost 0.51% to 47,705.80.

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