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Axis Securities Report
ICICI Securities Ltd. reported numbers stood below our and consensus estimates, mainly owing to lower brokerage income driven by weak market sentiments arising from the geopolitical tensions.
While the momentum on the client addition has been strong year-on-year, it has moderated on a sequential basis.
The digital sourcing and open architecture approach continue to aid new customer sourcing with ~80% of new customer additions coming from non-ICICI Bank channels versus ~69% in Q4 FY21.
The age group of the company's customer base has also shifted with ~66% of customers being <30 years versus 62% year-on-year.
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