ICICI Securities on Thursday announced its audited consolidated financial results for the quarter ended December 31. The brokerage firm posted the revenue of Rs 880 crore, down 7% YoY but up 2% from the September quarter.
Net profit came in at Rs 281 crore, down 26% since Q3FY21, and down 6% sequentially. Total client assets came in at Rs 6 trillion, a 7% YoY rise, while private wealth assets rose 15% YoY toRs 3.2 trillion.
Commenting on the results, MD and CEO Vijay Chandok said, “We are satisfied to see the outcome of our articulated strategy of being a neo-financial services company, offering a suite of products and services across investments, insurance, and loans taking shape.”
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“Given the structural shifts taking place like formalisation and equitisation of savings, entry of 100-150 million youth in the job market annually and projected healthy GDP growth over next several years leading to overall rise in affluence level, we believe we have a long runway for growth,” he added.
The firm’s total client base stood at 8.7 million, up 25% YoY. Total client assets on the platform during the quarter touchedRs 6 trillion, of which Rs 3.2 trillion pertained to its 76,000-plus private wealth customers, comprising HNIs, UHNIs and family offices.
Retail equity market share was retained at 10.5% while the commodity market share rose 157 bps to 5.6% YoY.
Non-broking revenue comprised 64% of overall revenues, compared with 58% in the September quarter. The portfolio management services book, at Rs 1,200 crore, reflected a growth of 171% YoY. Further, loans of over Rs 1,000 crore were distributed, which was a 71% YoY surge.
As regards its institutional business, the institutional equities segment saw revenue decrease by 32% YoY toRs 47 crore, primarily on account of a decline in Cash ADTOs and muted capital markets.
Similarly, revenue for the issuer services and advisory business stood at Rs 48 crore, down 56% YoY owing to a reduction in the number of capital market deals. The company has a strong IPO pipeline of over Rs 41,100 crore across 21 deals, with the amount yet to be decided in 16 of them.