Rs 12/Share Dividend Payout Soon: Midcap Stock Fixes Record Date, Q2 Profits Rise 41%

One of the leading stock brokers in India, ICICI Securities reported a strong growth in Q2 earnings for FY24. With a 41% upside in net profits, the midcap company has declared a dividend payout of Rs 12 per share and has a fixed record date for the same. Overall, in Q2FY24, ICICI Securities reported sustained financial performance and ensured significant shareholding returns.

Upcoming Dividends:

As per the regulatory filing, ICICI Securities Board of directors on October 16th recommended an interim dividend of Rs 12 per share having a face value of Rs 5 each to the shareholders of the company whose names shall appear in its Register of Members as at the close of business hours on the record date i.e. October 27, 2023, as well as to those beneficial holders as registered in the records of Depositories as at the close of business hours on the record date.

That being said, ICICI Securities shares will turn ex-dividend on October 27 as well.

The interim dividend is expected to be paid on or before November 15, 2023.

In the financial year 2022-23, the company paid a dividend of 380% amounting to Rs 19 per share to its shareholders.

Q2FY24 results:

In the September quarter of FY24, the company earned a consolidated net profit of Rs 423.63 crore, rising by a whopping 41% from Rs 300.41 crore in Q2FY23. Interest income zoomed by a huge 70.7% YoY to Rs 388.03 crore, while revenue also surged by a double-digit 44.3% YoY to Rs 1,248.96 crore in the quarter.

Other key highlights of the earnings are:

- Brokerage income increased from Rs 328.90 crore for Q2-FY2023 to Rs 484.39 crore in Q2-FY2024, an increase of 47.3%. This was primarily due to an increase in equity derivative volumes.

- Income from services increased from Rs 272.12 crore for Q2-FY2023 to Rs 356.08 crore in Q2-FY2024, an increase of 30.9%. This was primarily on account of an increase in issuer services & advisory fee income and income from distribution products.

- Net gain on fair value changes decreased from Rs 29.66 crore in Q2-FY2023 to Rs 19.98 crore in Q2-FY2024, a decrease of 32.6%. This was primarily due to fair value changes in its treasury segment.

- Total assets increased from Rs 15,568.80 crore as of March 31, 2023, to Rs 20,758.99 crore as of September 30, 2023, an increase of 33.3%.

- Total liabilities and equity increased from Rs 15,568.80 crore as of March 31, 2023, to Rs 20,758.99 crore as of September 30, 2023, an increase of 33.3%.

ICICI Securities Share Price:

On BSE, ICICI Securities share price closed at Rs 631.10 apiece, flat on Monday compared to the previous session's print. The company's market cap stood at Rs 20,391.51 crore.

The stock has rallied by nearly 38% in the past six months, while its year-to-date gains are up to 28% on the exchange.