Capital Markets firm ICICI Securities Announced Q1FY23 Result :
- Revenue at Rs 795 crore, up 6% YoY on back of healthy growth in retail allied and distribution income.
- PAT for the quarter stood at Rs 274 crore
- The company saw improvement in market share across various segments:
- Retail derivative market share registered growth for first time in 4 quarters as our market share improved from 3.3% in Q4FY22 to 3.5%
- Recently launched commodity trading segment is performing well and continues to gain market share. It was 4.4% for Q1FY23.
- Stable NSE Active market share of 8.4%
- MF AUM market share increased to 1.7%, up from 1.6% YoY.
- The company witnessed continued traction in product proposition:
- Average MTF book grew 97% YoY; maintained leadership position with 22.4% market share.
- More than a million customers have taken Prime membership. Prime and Prepaid customers together contribute 71 % of retail equities revenue.
- ISEC Mutual Fund average AUM (exc. Direct) up 11% YoY; Equity AUM up 20%
- SIP Equity AUM increased by 9% YoY to Rs 126 bn v/s industry growth of 8%
- PMS book grew 10% QoQ; crossed INR 8 bn
- Markets and Money app combined downloads have crossed 2 million mark and are rated ~4 on play store.
- The company made several launches to further improve its product proposition:
- LIFEY and Masters of the Street which resonates well with wealth customers.
- On Experience and Analytical tools side for trading segment, the company rolled out new products like Smart Order Platform, Easy Options and Trading View
- The company entered into exclusive partnership with HSBC Bank which is the first of its kind for them globally, to offer 3-in-1 broking services to their customers in India. This will provide us access to their HNI customer base.
Commenting on the results and financial performance, Mr. Vijay Chandok, Managing Director and CEO of ICICI Securities said: In this “quarter of moderation” for the industry, we focused on gaining Market share, diversifying our revenue mix, containing costs and building product pipeline as we continued to make strategic investment in technology to be “Future Ready”. Our recently launched product proposition and digital properties continued to witness healthy traction which is a testimony to our execution capabilities. Our digital innovation helps us differentiate our product proposition and embrace a broader client universe as momentum continued in our broad-based and digital-led customer acquisition engine.
As we continue our journey towards becoming a “digitally integrated financial marketplace”, our emphasis continues to be on diversification, operating leverage and strengthening product positioning by making strategic investments in technology to build a “future ready architecture” as well as on building a diversified talent pool. Through these strategic levers we will offer highly customized solutions to partner our customers though their financial journey.