ICICI Securities Q1 Results: Net profit drops 12% to Rs 273 crore

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Thursday reported a 12% drop in net profit to Rs 273 crore in the June quarter despite an increase in revenue over the same period. The company’s revenue rose 6% to Rs 795 crore in the first quarter of this financial year on healthy growth in retail and distribution revenue, it said in a statement.

Institutional equity revenue in the quarter fell 17% to Rs 48.6 crore, mainly due to slower market volumes and lower capital markets transactions.

The distribution business continues to develop well, with revenue standing at Rs 152 crore, up 28% from the prior year period, driven by strong performance of mutual funds, insurance and other products.

The company disbursed Rs 619 crore in loans (margin funding) in the last quarter of June compared to Rs 318 crore in the same period a year ago.

The brokerage has a customer base of 80 lakh of which more than 4.4 lakh was added during the June quarter, but only around 35 lakh are active. The active number of customers is far below that of new-age peers like Zerodha (over 62 lakh), Upstox (over 52 lakh) and Groww (38 lakh) and Angel One (36 lakh).

Digital procurement and the open architecture approach continue to demonstrate their strength with 72% of new customers coming from channels other than

. In the June quarter, 62% of new customers were under 30 and 85% came from small towns, up from 78% a year ago, the statement said.

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