Shares of ICICI Securities were up on Friday after the brokerage posted robust fourth-quarter growth in its bottom line and declared a final dividend.

What Happened: ICICI Securities announced a sharp rise in its consolidated net profit for the quarter ending March 31, soaring by 104% to reach ₹536.53 crore compared with ₹262.68 crore a year ago. The company’s total consolidated revenue from operations also saw a significant surge, climbing 74.44% to ₹1,543.17 crore from ₹884.78 crore in Q4FY2023.

Sequentially, ICICI Securities reported a net profit increase of over 15% from ₹465.69 crore in the previous quarter, while revenue rose by 16.66% compared to ₹1,322.73 crore.

Across The Board: Following its strong financial performance, the company’s board of directors approved the distribution of a second interim dividend of ₹17 per equity share.

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The firm’s interest income showed growth, standing at ₹522.94 crore, up sharply from ₹287.12 crore last year. Brokerage income also witnessed an uptick, reaching ₹585.42 crore for the quarter, compared with ₹310.28 earned a year ago.

However, the company’s debt-to-equity ratio for the January-March quarter increased to 4.25 from 3.26 in the same quarter of FY2023. Meanwhile, the debt service coverage ratio saw a slight decline to 0.18% from 0.21% in the previous year’s quarter.

ICICI Securities is set to be delisted and merged into parent ICICI Bank after shareholders of the brokerage approved the scheme despite strong opposition from many small retail shareholders.

Price Action: ICICI Securities’ share price was up 0.35% at ₹706 near the start of trade on Friday amid a gloomy start to a trading day, with the broader market down over 0.8%.

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