ICICI Securities Q1 PAT dips 1%, revenues surge 18%

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ICICI SecuritiesOn Friday, it reported a one per cent drop in profit after tax (PAT) at Rs. 271 crore for the three-month period ending June 2023.

In contrast, the company reported PAT of Rs 273.6 crore in the same period last year, ICICI Securities said in a regulatory filing.

The drop in profit can be attributed to higher expenses, as the brokerage firm’s total expenses increased by 33 per cent to Rs 570 crore in the quarter under review.

However, the company’s total revenue increased by 18 per cent to Rs.934 crore in the first quarter under review, from Rs.795 crore in the April-June quarter of FY23.

Also read: ICICI Securities: A knife that’s been flaking from the start

During the quarter under review, the company added 2.1 million customers, taking its total customer base to 93 lakh.

Last month , ICC Bank A. agreed Proposal to delist ICICI’s securities It becomes a wholly owned subsidiary of the bank after delisting.

ICICI Securities, promoted by ICICI Bank, is the nation’s leading private equity franchisor, distributor of financial products and investment bank.

The company started its work in May 1995 and continues to grow its operations by expanding its customer base and providing various types of services.