News: On Monday, October 16, the board of directors of ICICI Securities Ltd. will convene to deliberate on an interim dividend declaration and the unveiling of unaudited financial statements for the quarter and half year concluding on September 30, 2023. In the event that the dividend receives approval, the company has established a record date of Friday, October 27.
Board Meeting and Interim Dividend
ICICI Securities, in a recent filing with the stock exchange, disclosed that the upcoming board meeting scheduled for October 16 would encompass deliberations on the potential declaration of an interim dividend. Notably, based on data sourced from Trendlyne, ICICI Securities has made a total of 12 dividend declarations since August 21, 2018. Over the past year, the company announced an equity dividend of 19 per share.
Financial Performance
In the quarter ending June 2023, ICICI Securities reported a marginal 1% dip in consolidated net profit, totaling 270.9 crore. This represents a slight decline in comparison to the net profit of 273.6 crore recorded in the corresponding period of the prior quarter.
Despite this, the company displayed a favorable trend in its overall operating revenue, with a noteworthy 18% year-on-year increase. The first quarter of FY24 saw the company’s operating revenue surge to 934.3 crore, up from 793.5 crore in the previous year. Regrettably, this growth was counterbalanced by a substantial 33% uptick in total expenses, reaching 570 crore in the same quarter.
Growth in Customer Base
ICICI Securities, despite the drop in net profit and the upswing in expenses, managed to expand its customer base substantially. During the quarter, the company attracted an additional 2.1 lakh customers, pushing the total to nearly 93 lakh.
Furthermore, the broking firm achieved growth in its Retail Equities and Allied revenue, amounting to 515 crore, signifying an 8% year-on-year increase. Additionally, the distribution income showed a 4% year-on-year rise, reaching a total of 159 crore. These positive developments highlight the company’s ability to increase its market reach and revenue streams despite some financial challenges.
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Share Price
On Friday, the BSE share price of ICICI Securities closed 2.20% lower at 630.80 per share.
FAQs
Q: What will be discussed in the board meeting on October 16?
A: The board meeting will discuss the declaration of an interim dividend and the release of unaudited financial statements.
Q: What is the record date for the interim dividend?
A: The record date for the interim dividend is set for Friday, October 27.
Q: How many dividends has ICICI Securities declared in the past?
A: ICICI Securities has declared 12 dividends since August 21, 2018.
