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The investment services arm of ICICI Group, ICICI Securities reported their third quarter financial result with a steep decline of 34.3 per cent in consolidated profit. The ICICI Securities consolidated profit for the quarter ended in December 2018 stood at Rs 101.1 crores as compared to the net profit of Rs 153.9 crores reported during the corresponding quarter of the previous fiscal.
According to ICICI Securities regulatory filings, the total revenue of the company during the said quarter declined from Rs. 493.8 crores in the October-December quarter of FY18 to Rs. 404.7 crores.
ICICI Securities also added, “For 9MFY19, the company reported revenue of Rs. 1,299 crores against Rs. 1,351 crore in the year-ago period. Profit After Tax (PAT) stood at Rs. 369 crores against Rs. 402 crores in 9MFY18. During the fiscal, there were several short term headwinds like volatile market, NBFC liquidity crisis, frozen state of primary market, and significant regulatory changes, which impacted the overall business sentiment and performance.”
The shares of ICICI Securities, after the Q3 Report, fell by more than 6.4% during the Tuesday trading session and at the time for writing this report, was trading at Rs. 261.15 as compared to the previous close of Rs. 278.50.
