On July 20, ICICI Securities reported a combined net profit of Rs 2,709 crore for the June-end quarter of 2023, down 1% from last year. In Q1FY23, the broking firm stated a net profit of Rs 2,736 crore.

Meanwhile, the company’s top line has increased 18% YoY to Rs 9,343 crore, and expenses augmented 33% to Rs 5,701 crore.

The cost increase was chiefly amid an increase in the cost of funds for the MTF (margin trading facility) book and an increased employee cost due to annual increments, ESOPs, and fresh hirings. The business also bumped up franchise-enhancing spend on technology.

For the quarter under review, ICICI Securities’ brokerage income augmented to Rs 343 crore, up 13% YoY. This led to increased retail equity and derivative volumes, which the company mentioned in an exchange filing.

It also enlarged its market share in the retail cash segment to 12.2% from 9.7% a year ago and 3.6% from 3.5% earlier in the retail derivative.

Its market share in NSE active clients stands at 6.6%. The total number of clients for the firm is 9.3 million.

On June 29, the broking firm proclaimed it would delist and become a wholly-owned subsidiary of ICICI Bank. Public shareholders would be allotted 67 equity shares of ICICI Bank for every 100 equity shares of the company.

Amid announcing results, ICICI Securities gained 2% at Rs 630 on the NSE.