ICICI Securities Q4 results: Profit doubles to Rs 537 crore

Brokerage house ICICI Securities on Thursday reported a two-fold jump in profit after tax to Rs 537 crore for three months ended March 2024. In comparison, the company posted a profit after tax (PAT) of Rs 263 crore in the year-ago period, ICICI Securities said in a regulatory filing.

The company's total revenue soared 74 per cent to Rs 1,544 crore in the fourth quarter, from Rs 885 crore in the January-March quarter of financial year 2022-23. The broking firm's total client assets reached about 7 lakh crore as of March 2024, marking a 19 per cent year-on-year (YoY) increase.

Further, ICICI Securities has declared a second interim dividend of Rs 17 per share, taking the full-year dividend to Rs 29 apiece.

For the full financial year FY24, the company posted a PAT of Rs 1,697 crore, marking a 52 per cent YoY increase, and revenue stood at Rs 5,051 crore for FY24, up 47 per cent from the preceding fiscal.

Besides, the broking firm announced that its board of directors in its meeting on Thursday approved the re-appointment of Vijay Chandok as the Managing Director and CEO with effect from May 7.

Further, the board has approved the appointment of T K Srirang as an Additional Director with effect from May 1 and also appointed him as the Joint Managing Director.

Last month, ICICI Securities announced that about 72 per cent of its shareholders voted in favour of delisting and subsequent merger with parent firm ICICI Bank, even as the majority of retail investors opposed the scheme.

The shareholders of the broking firm voted on the proposal to delist the company and make it a wholly-owned subsidiary of parent entity ICICI Bank. ICICI Securities, promoted by ICICI Bank, is the country's leading retail-led equity franchise, distributor of financial products and investment bank.

The company began its operation in May 1995 and continues to grow its operation through expanding its client base and providing various services.