ICICI Securities shares gain 3% on solid performance in March quarter

ICICI Securities share price rallied more than 3 percent intraday Monday after the broking subsidiary of ICICI Bank reported solid performance for quarter ended March 2018.

This is the first time the company has declared its results since making a stock market debut earlier this month.

During the January-March quarter, ICICI Securities reported revenues of Rs 515 crore, which were up 35 percent from Rs 381 crore reported in the year ago period.

Net profit expanded by 91 percent to Rs 159 crore, against Rs 83 crore in Q4FY17.

EBITDA (earnings before interest, tax, depreciation and amortisation) shot up 86 percent year-on-year to Rs 260 crore in Q4.

The broking services provider said its board recommended a final dividend of Rs 3.90 per share of face value of Rs 5, taking the total dividend for the year to Rs 9.40 per share, against Rs 6.36 per share in FY17.

ICICI Securities’ revenues in financial year 2017-18 went up 32 percent to Rs 1,859 crore against Rs 1,404 crore in FY17. Net profit rose 65 percent to Rs 558 crore compared to previous year.

The firm added 4.6 lakh new clients during the year, taking the number of operational accounts to 40 lakh.

Consequently, brokerage income for the quarter and year expanded 32 percent each against the corresponding periods last year.

At 13:14 hours IST, the stock price was quoting at Rs 430.00, up Rs 7.35, or 1.74 percent on the BSE.moneycontrol