Share India Securities Net Profit Rises 39% In Q1; Dividend Declared

Share India Securities has released its financial results for the April-June period.

The company's net profit increased 39.35 per cent in the first quarter year-on-year basis to Rs 82 crore vs Rs 58.9 crore in a year-ago period. On a sequential basis, the net profit declined 12 per cent when it was Rs 28 crore.

The total revenue of the company for the quarter ended June 30 was Rs 278 crore, up 19 per cent from the first quarter of FY2023. It was Rs 233 crore.

On a quarterly basis, the total revenue declined 18 per cent from Rs 343 crore.

EBITDA increased by 38.61 per cent from Rs 908 crore in Q1 FY23 to Rs 1259 crore in Q1 FY24. EBITDA margins increased from 38.96 per cent in Q1 FY23 to 45.20 per cent in Q1FY24 by 624bps.

"Revenue in the quarter was primarily driven by growth in share broking business/trading activity and improved focus on customer retention by offering various products like utrade algo's and MTF," the management said in a statement.

The management has also announced the first interim dividend of Rs 2 per share for FY 23-24.

The management is confident that its strategic initiatives and strong financial performance will continue to create sustainable value for all partners and stakeholders.

On Thursday, the shares of Share India Securities opened on the BSE at Rs 1186.60 apiece over the previous close of Rs 1190.55. The stock made a 52-week-high of Rs 1,330.45 on (13/06/2023) and a 52-week-low of Rs 966.94 on (05/09/2022).

During Q1FY24, the company recorded promoter shareholding of 52.81%, FIIs stake of 0.93%, DIIs stake of 0.05% and public stake of 46.22%.