ICICI Securities PAT Jumps 70% to Rs 193 Crore in Q1 FY21

ICICI Securities share prices have jumped 4% in the morning trade on July 23, as it has reported a rise of 70% in Profit After Tax (PAT) at Rs 193 crore in the June quarter in the current financial year, as compared to Rs 114 crore in the same period a year ago.
The stock price has reached more than 146% in the last one year, as it was trading at Rs 554, up to Rs 24.50, nearly 4.63 per cent and has touched an intraday high of Rs 567.10. The revenue has increased by 36% to Rs 546 crore in Q1 FY21 from Rs 402 crore in the same period of the previous financial year. Due to the strong growth in equities and allied business by 62% to Rs 389 crore.
The company attributed that the improvements in the margin, growth in revenue, and changes in statutory tax rates resulted in the strong quarterly profits. Its specialised subsidiaries are in the areas of corporate finance, institutional equities, institutional research, retail equities, retail distribution, retail research, equity relationship service and private wealth management.
Vijay Chandok, Managing Director and CEO of ICICI Securities said that this quarter there had been an increase in the number of market participants, although we had strong growth inequities, as well as in retail, HNIs and institutional, wealth and investment banking business. However, debt funds and SIP (systematic investment plan) remained weak as investors were preferring to conserve cash during these uncertain times which slowed down the inflows.

Read EquitytPandit’s Nifty Bank Outlook for the Week

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