The share price of ICICI Securities fell sharply today after poor fourth-quarter results for the fiscal year 2022–23. The brokerage firm, which declared a dividend of Rs. 9.25 per share to its stockholders, also failed to preserve its shareholders’ confidence in early morning trades. ICICI Securities’ share price today began lower and went on to touch an intraday low of Rs. 432 on the NSE, representing a 5% drop from its Wednesday finish of around Rs. 461
Dividend from ICICI Securities
Despite announcing a 23% drop in the company’s aggregate net profit, ICICI Securities has announced a dividend of Rs. 9.25 per share for its shareholders. The brokerage firm’s announcement is a sigh of relief for ICICI Securities shareholders, as the stock has delivered zero return in year-to-date (YTD) time as the ICICI Securities share price has nosedived from around Rs. 495 to Rs. 463, logging a 6.50 percent drop in this time.
The dividend stock informed Indian bourses about the dividend citing, “We wish to inform that the Board of Directors of the Company, at its Meeting held today i.e. April 19, 2023, inter-alia, approved the recommendation of final dividend of Rs. 9.25 (Rupees Nine and Twenty Five Paise only) per equity share of face value of Rs. 5/- each to the Shareholders of the Company which shall be subject to their approval at the ensuing Annual General Meeting.”
ICICI Securities’ Q4 results
ICICI Securities reported a 23% drop in profit after taxes (PAT) to Rs. 263 crore in Q4 FY23, compared to Rs. 340 crore in the same period in FY22. It recorded a minor 5% year-on-year (YoY) increase in retail revenue to Rs. 778 crore. Due to weakness in the equity capital market (ECM), the company’s total consolidated revenue was Rs. 885 crore, a 1% decrease from the revenue collected during the same time the previous fiscal year.