ICICI Securities Q3 - Stable Business Traction; Cost-To-Income Ratio Surprises Positively: Motilal Oswal
Employees work at their desks in a brokerage firm in Mumbai, India. (Photographer Prashanth Vishwanathan/Bloomberg)

ICICI Securities Q3 - Stable Business Traction; Cost-To-Income Ratio Surprises Positively: Motilal Oswal

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Motilal Oswal Report

ICICI Securities Ltd. delivered 95% YoY growth in profit after tax to Rs 2.7 billion (nine-months FY21 PAT up 91% YoY to Rs 7.4 billion), driven by a stable performance in retail broking and strong cost control.

Total revenue tapered ~10% from highs of Q2 FY21, but remained 47% above YoY levels at Rs 6.2 billion.

At the same time, the cost-to-income ratio improved 300 basis point QoQ (1,400 basis point YoY) to 42%, the lowest ever, driven by 28% QoQ reduction in employee expenses – on account of lower variable pay provisions.

Click on the attachment to read the full report:

Motilal Oswal ICICI Securities Q3FY21 Result Update.pdf

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