The company's Q3 net profit was down to Rs 101.17 crore versus Rs 153.94 crore in a year ago period.
Shares of ICICI Securities slipped 6.5 percent intraday Tuesday after broking house cut target price on the back of poor set of numbers declared by the company for the quarter ended December 2018 (Q3FY19).
The company's Q3 net profit was down to Rs 101.17 crore versus Rs 153.94 crore in a year ago period.
Revenue also dropped to Rs 404.75 crore versus Rs 493.85 crore, YoY.
CLSA retained its buy rating on ICICI Securities but slashed its 12-month target price to Rs 360 from Rs 380 earlier. The December quarter results were short of expectations on weak capital markets and tighter regulations on the mutual fund (MF) fee.
The client base growth moderated to 10 percent on a year-on-year (YoY) basis. The global investment bank sees 13 percent CAGR rise in active customer base over FY18-21.
The global investment bank has made lower earnings forecasts factoring in lower client base growth.
At 09:17 hrs ICICI Securities Ltd. was quoting at Rs 264, down Rs 12.05, or 4.37 percent on the BSE.
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