ICICI Securities shares soar to 52-week high on stellar Q2 revenue, profit surge

ICICI Securities posted strong quarterly numbers on all three major fronts of revenue, net profit and profitability. Along with that, the company also managed to gain market share across a few segments.

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Shares of ICICI Securities surged  8 percent in early trade and hit a 52-week high of Rs 683 on October 16 after the company reported stellar earnings for the July-September quarter.

The broking company recorded a 41 percent surge in its net profit to Rs 423.6 crore during July-September, sharply up from Rs 300 crore in the same period of the preceding fiscal.

Revenue also jumped 45.5 percent on year to Rs 1,249 crore, while total assets under management rose 12 percent to Rs 65 lakh crore. Meanwhile, the operating margin also expanded year-on-year to 64.9 percent in July-September as against 61 percent in the base period.

At 09.43 am, shares of ICICI Securities were trading 3.33 percent higher at Rs 653 on the National Stock Exchange.

Volumes in the counter were also sharply up as 14 lakh shares changed hands as against the one-month daily traded average of three lakh.

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After witnessing tough times last year due to the high linkage of its revenue to the broader equity markets, ICICI Securities’ decision to diversify its revenue stream is commended by brokerage firm Motilal Oswal Financial Services.

“ICICI Securities is now on the course of diversifying its revenue with
the launch of several tools and products for the derivatives segment, which will further enhance revenue in due course,” MOFSL stated in its report.

Besides that, ICICI Securities also managed to expand its market share across several segments in Q2. The firm’s retail cash equity market share improved to 12.8 percent from 10.6 percent a year ago, whereas it rose to 7.8 percent from 5.5 percent in the commodity market segment.

Also Read | ICICI Securities Q2 result: Net profit zooms 41% to Rs 424 crore

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