ICICI Securities Q1 profit surges 61%; revenue up 37%

ICICI Securities has reported a 61 per cent jump in profit after tax (PAT) to Rs 311 crore in three months ended June 2021 on account of growth in revenue and improvement in margins. In comparison, the company had posted a PAT of Rs 193 crore in the same quarter preceding fiscal, ICICI Securities said in a statement. The company's revenue rose 37 per cent to Rs 748 crore in the quarter under review from Rs 546 crore in the three months ended June 30, 2020.

The growth in revenues were aided by strong all round performance in equities and allied business, distribution business, distribution business, private wealth management business, as well as investment banking business. ICICI Securities, a part of the ICICI Group, is a leading retail-led equity franchise, distributor of financial products and investment bank.

"We are happy to report strong financial and operational performance during the quarter," Vijay Chandok, Managing Director and Chief Executive Officer of the company, said. "We are seeing a continued traction in our customer additions. Our customer additions through digital partnerships, with contemporary digital players... have started to contribute meaningfully. We also witnessed that visitors on our platform more than tripled between December 2020 and June 2021," he added. ICICI Securities has a client base of 5.8 million, of which 3.9 lakh were added during the quarter under review.

PTI