BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Axis Securities Report
ICICI Securities Ltd. reported a strong set of numbers that were above our estimates across all parameters.
The highlight of the quarter was the continued momentum on customer sourcing as ICICI Securities added ~583,000 customers during the quarter.
Revenues stood at Rs 856 crore (up 26% YoY, up 15% QoQ) aided by strong growth in the distribution income and interest income, though broking revenues remained flat.
Cost savings and ‘variable’-isation efforts continued, which enabled the company to maintain its cost-income ratio at 45% (flat YoY/QoQ).
The company intends to continue controlling its fixed expenses even as it continues to spend on marketing and technology.
ICICI Securities aims to reduce its cost-income ratio to less than 40% over the medium term.
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