ICICI Securities Q4 net profit up 28% to Rs 156 cr on revenue growth, changes in statutory tax rates

New Delhi: ICICI Securities on Thursday reported a 28 percent jump in profit after tax at Rs 156 crore for the March quarter on account of growth in revenue and changes in statutory tax rates.

In comparison, the company had posted a profit after tax (PAT) of Rs 122 crore in the corresponding period of 2018-19, ICICI Securities (I-Sec) said in a statement.

The financial services firm’’s revenue rose 13 percent to Rs 482 crore in the quarter under review from Rs 428 crore in the year-ago period, supported by growth in retail equities and allied business.

I-Sec attributed the increase in quarterly PAT to growth in revenue and changes in the statutory tax rates.

The company also announced a final dividend of 6.75 per share (of Rs 5 face value), taking the full-year dividend to Rs 11 per share.

“We had an eventful quarter which tested the resiliency of our business model. During these testing times, we ensured the safety of our employees and continuity for our customers.

“Our predominantly digital business model has held us in good stead with 97 percent of equity and 94 percent of mutual fund transactions conducted online by the clients themselves,” said Vijay Chandok, the company’s managing director and chief executive officer.

“During the quarter, we saw continuing retail participation as a steep correction in such a short period of time provided many with an opportunity to enter the market at multi-year low prices,” he added.

For the entire fiscal 2019-20, the company’s PAT climbed 10 percent to Rs 542 crore on account of a reduction in statutory tax rates.

The revenue stood at Rs 1,725 crore, almost flat against Rs 1,727 crore in the preceding fiscal.