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ICICI Securities Shares Gain 7.1% After Reporting 70% Rise In Net Profit
On Thursday, shares of ICICI Securities rose as much as 7.1 percent after the broking firm reported a 70 percent increase in profit after tax (PAT) to Rs 193 crore in the June-ended quarter when compared to Rs 114 crore a year ago.
Revenue of the company surged 36 percent to Rs 546 crore in April-June 2020 from Rs 402 crore in the same period of the last financial year, aided by strong growth in equities and allied business.
The company attributed strong quarterly profit to growth in revenue, improvement in margins, and changes in statutory tax rates.
During the quarter, equities and allied business rose by 62 percent to Rs 389 crore.
"We had an eventful quarter in which we saw increased market participation by all players -retail, HNIs and institutional, resulting in strong growth in our core equities, as well as wealth and investment banking business," the company's managing director and CEO Vijay Chandok said.
He said the company's distribution business was however soft as sentiments remained weak in debt funds and SIP (systematic investment plan) inflows slowed down with investors preferring to conserve cash during these uncertain times.
