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Axis Securities Report
ICICI Securities Ltd.'s revenues grew by 74/17% YoY/QoQ. Broking revenues registered a strong growth of 89/26% YoY/QoQ. In the institutional business revenues (+118% YoY) growth was driven by a decline in Cash average daily turnover and muted capital market.
In the issuer and advisory services segment, ICICI Securities witnessed a strong revenue growth of ~723% YoY and ~7% QoQ steered by increasing deals. The company continues to see a strong IPO pipeline of ~18 deals (valued at Rs 443 billion) along with an additional mandate of 25 deals where the amount is yet to be decided.
ICICI Securities continues its focus on building non-IPO revenues. Distribution revenues grew by 9% QoQ, largely driven by increasing mutual fund distribution revenue.
Opex growth was elevated at 55/18% YoY/QoQ, mainly led by higher interest cost and other opex. However, strong top-line growth contained the C-I ratio to 53.4% from 60.1/52.9% YoY/QoQ. Profit after tax grew by 104/15% YoY/QoQ.
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