ICICI Securities shares snap 3-day losing streak, rise nearly 2% after Q4 profit doubles

Snapping a three-day losing streak, shares of brokerage firm ICICI Securities Ltd rose nearly 2% on Friday, April 19, after the company posted solid earnings for the fourth quarter ended March 2024 (Q4FY24).

The ICICI Securities stock gained as much as 1.9% on Friday to hit an intra-day high of ₹716.9 apiece on the National Stock Exchange of India (NSE). The stock had lost nearly 4% cumulatively in the previous three sessions. The share price has gained nearly 54% in the past one year, but is flat on a year-to-date basis.

On Thursday, ICICI Securities announced that its net profit doubled during Q4 FY24 to ₹536.53 crore compared with ₹262.68 crore reported in the corresponding period of the previous financial year.

Compared with the previous quarter, profit after tax rose over 15% from ₹465.69 crore in Q3 FY24.

ICICI Securities’ consolidated revenue from operations, meanwhile, jumped 74.4% to ₹1,543.17 crore during the March quarter compared with ₹884.78 crore in the year-ago period. Sequentially, revenue was up 16.66% compared with ₹1,322.73 crore in Q3FY24.

The company said that higher revenue was mainly driven by a jump in the broking income in the cash segment and growth in the investment banking division.

For full fiscal 2024, the company’s net profit jumped 51.8% to ₹1,696.69 crore. Total income during the year climbed 47.5% to ₹5,051.10 crore compared with a year ago.

ICICI Securities also announced the reappointment of Vijay Chandok as managing director and CEO with effect from May 7, 2024, till he superannuates on February 28, 2026.

The board of directors also approved the payment of a second interim dividend of ₹17 per share for FY24. The record date for the said dividend is April 26, 2024. The dividend will be paid to the shareholders on or before May 18, 2024.

Shares of ICIC Securities were trading at ₹707 apiece, up 0.49%, on the NSE at 1:421 pm.