ICICI Securities (ISEC) Q1 24/25 earnings summary

Executive summary

• Q1 FY2025 profit after tax reached ₹5,269.1 mn, up 94% year-over-year and down 2% sequentially.

• Revenue for the quarter was ₹16,441 mn, a 76% increase year-over-year and 6% higher sequentially.

• Unaudited standalone and consolidated financial results for the quarter ended June 30, 2024, were reviewed and approved by the Board on July 23, 2024, with auditors issuing an unmodified review report.

• The company allotted 388,611 equity shares to employees via stock options and paid a second interim dividend of ₹17 per share during the quarter.

• The scheme of arrangement for delisting and making the company a wholly owned subsidiary of its holding company is progressing, with statutory approvals underway.

Financial highlights

• Net revenue for Q1 FY2025 was ₹12,503 mn, up 67% year-over-year and 3% sequentially.

• Consolidated revenue from operations for Q1 FY25 was ₹16,406.9 mn, up from ₹9,343.1 mn in Q1 FY24.

• Consolidated net profit after tax for Q1 FY25 was ₹5,269.1 mn, compared to ₹2,708.4 mn in Q1 FY24.

• Operating expenses increased 81% year-over-year to ₹1,320 mn.

• Basic EPS (consolidated) for Q1 FY25 was ₹16.29, compared to ₹8.39 in Q1 FY24.

Outlook and guidance

• Continued focus on building non-IPO revenue streams and strengthening FII franchise.

• Targeting further growth in broking, investment banking, and wealth management segments.