ICICI Securities Q4 net profit declines 23%

ICICI Securities (I-Sec) has recorded a year-on-year decline of around 23 per cent in its consolidated net profit at ₹262.68 crore for the quarter ended March 2023. A year ago, it posted a PAT of ₹340.29 crore.

Total income for the fourth quarter of FY23 decreased, albeit marginally, to Rs.884.78 crore (Rs.891.67 crore).

I-Sec said in a statement that the decrease in earnings was due to an increase in the cost of financing, which was only partially passed on to customers, and continued investments toward technology and other franchise value-enhancing initiatives.

During the quarter, the company added 3.7 customers, bringing its total customer base to over 90,000.

“With diversification continuing to take root in the company’s business model, we have come to play structurally on India’s opportunity,” said Vijay Chandhok, Managing Director and CEO of ICICI Securities.

Shares of ICICI Securities closed down 0.68 percent at $461.10 on BSE.