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ICICI Securities Ltd. delivered 95% YoY growth in profit after tax to Rs 2.7 billion (nine-months FY21 PAT up 91% YoY to Rs 7.4 billion), driven by a stable performance in retail broking and strong cost control.
Total revenue tapered ~10% from highs of Q2 FY21, but remained 47% above YoY levels at Rs 6.2 billion.
At the same time, the cost-to-income ratio improved 300 basis point QoQ (1,400 basis point YoY) to 42%, the lowest ever, driven by 28% QoQ reduction in employee expenses – on account of lower variable pay provisions.
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