ICICI Securities Q3 Results: Profit climbs 8% YoY to Rs 504 crore, revenue jumps 20%

Published:



Brokerage firm ICICI Securities on Monday said its consolidated profit jumped 8.3% year-over-year (YoY) to Rs 504.46 crore for the third quarter ended December 2024, compared to a profit of Rs 465.69 crore in the previous corresponding quarter of last year.

The total revenue from operations was recorded at Rs 1,585.97 crore for the third quarter, which was up by 20% on a year-on-year basis, against Rs 1,322.73 crore in the third quarter of the previous year.

ICICI Securities’ total expenses increased to Rs 909.41 crore in the December quarter of FY25 from Rs 699.36 crore in the same quarter last year. The total expenses in the second quarter of FY25 stood at Rs 995.9 crore

The company’s earning per share (EPS) for the quarter stood at Rs 15.53 per share, compared with an EPS of Rs 14.41 per share reported in the same quarter last year.

ICICI Securities share performance and delisting updates

ICICI Securities shares have gained 7.21% over the past year but have declined 4.77% in the last three months. Over the past week, the stock registered a further dip of 1.05%.On Monday, the company’s shares traded 2% higher at Rs 829.95 on the BSE. Data from Trendlyne indicates that the average target price for ICICI Securities shares stands at Rs 613 per share.

The Ahmedabad bench of the National Company Law Tribunal approved ICICI Bank’s application to delist ICICI Securities, following similar approval from the Mumbai bench on August 21. ICICI Securities announced its delisting in June 2023, with the plan authorized by ICICI Bank’s board and approved by shareholders in March 2024, offering 67 ICICI Bank shares for every 100 ICICI Securities shares.

Minority shareholders Manu Rishi Gupta and Quantum Mutual Fund opposed the delisting, citing concerns over valuation and the share-swap ratio. Together, they hold 0.082% of ICICI Securities’ equity but were deemed ineligible to object under the Companies Act’s 10% equity requirement.

Despite objections, the delisting process, which makes ICICI Securities a wholly owned subsidiary of ICICI Bank, has moved forward with regulatory approvals in place.

Also read | Kalyan Jewellers shares up 9% after Motilal denies bribery allegations

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)



Source link

Related articles

spot_img

Recent articles