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.
KRChoksey Research Report
ICICI Securities Ltd. has reported revenue of Rs 9,416 million ahead of our estimates of Rs 8,217 million (up 15%) and profit after tax reported at Rs 3804 million (our estimate: Rs 3,354 million, up 13%).
Cost to income ratio slightly impacted which stood at 45.9% led by higher other operating expenses (marketing costs ~Rs 25 – 27 crore). Net margins were at 40.4% in line with our estimate of 40.8%.
ICICI Securities has acquired highest number of clients in its journey so far during Q3 FY22. Overall market share as per NSE active client base stood at 8.7% as on December 2021. It has ~7% market share in incremental demat accounts. Overall active clients stood at 3.07 million with activation rate of 74%.
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