ICICI Securities Q2 Review - Strong Performance Continues: Axis Securities
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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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