ICICI Securities Q2FY23 PAT down -14.5% at Rs300.41 crore as broking profits falls by 11.8%

25 Oct 2022 , 01:15 PM

ICICI Securities Ltd reported flat 0.24% growth in total revenues for the September 2022 quarter on consolidated basis at Rs858.46cr.

Revenue growth was 8.18% in sequential terms. For the quarter, broking revenues grew by just 2% while issue management revenues were sharply lower. The growth came from treasury activities.

However, total client assets were up 13% yoy at Rs5.78 trillion in the quarter. Non broking revenues as share of total revenues in the quarter rose from 55% to 62% while private wealth business grew 25% yoy.

Consolidated Profit after tax (PAT) for September 2022 quarter was down -14.47% at Rs300.41cr but it was up 9.8% on sequential basis. Higher options volumes and lower rates pushed broking profits lower. Treasury was the only header to see higher operating profits in the quarter.

ICICI Securities had a 60 bps growth in retail market share at 10.6% while its share in commodities broking business was up 240 bps at 5.5%. I-Sec has already articulated its strategy of further reducing the share of broking in its total revenues from current 33%.

Financial highlights for Sep-22 compared yoy and sequentially

	ICICI Securities
Rs in Crore	Sep-22	Sep-21	YOY	Jun-22	QOQ
Total Income (Rs cr)	₹ 858.46	₹ 856.37	0.24%	₹ 793.55	8.18%
Net Profit (Rs cr)	₹ 300.41	₹ 351.24	-14.47%	₹ 273.59	9.80%
Diluted EPS (Rs)	₹ 9.28	₹ 10.84		₹ 8.46
Net Margins	34.99%	41.01%		34.48%