ICICI Securities (I-Sec) has reported a y-o-y drop of nearly 23 per cent in its consolidated net profit at ₹262.68 crore for the quarter ended March 2023. A year ago, it had posted a PAT of ₹340.29 crore.

Total Income for Q4 FY23 to dipped, albeit marginally, to ₹884.78 crore (₹891.67 crore).

The drop in profit was due to increase in finance cost, which was only partially passed on to the customers, and continued investments towards technology and other franchise value enhancing initiatives, I-Sec said in a statement.

During the quarter, the company added 3.7 lakh clients, taking its overall customer base past 90 lakh mark.

Vijay Chandok, Managing Director and CEO of ICICI Securities, said: “With continued diversification taking root in the company’s business model, we are becoming more of a structural play on the India opportunity.”

Shares of ICICI Securities closed 0.68 per cent lower at ₹461.10 on the BSE.