ICICI Securities Q1 profit up 61%
CICI 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.
"We are happy to report strong financial and operational performance during the quarter. 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," said Vijay Chandok, MD and CEO of the company. ICICI Securities has a client base of 5.8 million, of which 3.9 lakh were added during the quarter under review.
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.