New Client Additions Aids Q2 Results Of Angel Broking, Motilal Oswal, ICICI Securities
Brokerages Angel Broking Ltd., ICICI Securities Ltd. and Motilal Oswal Financial Services Ltd. saw their profit and revenue rise in the quarter ended September, driven by broking business as they continued to add clients.
Brokers have seen client addition spike as more retail investors flocked to equity markets to ride the recovery from the worst selloff in more than a decade triggered by the coronavirus pandemic.
Here’s how the three brokerages fared during the July-September period...
The newly listed brokerage was the best performer among peers, registering an 80% jump in revenue over the year ago.
Its revenue stood at Rs 309.9 crore in the quarter ended September 2020 compared with Rs 171.8 crore in the corresponding period a year ago. Net profit jumped nearly fourfold to Rs 74.5 crore.
Broking business—contributing 70% to the company’s overall revenue—posted a growth of 77% over the year earlier to Rs 316.5 crore in the reported period.