News Release

January 27, 2000

Performance Review - Nine Months ended December 31, 1999

The Board of Directors of ICICI Securities and Finance Company Limited (i-SEC), subsidiary of ICICI Limited (NYSE : IC and ICd), approved the audited accounts for the nine month period ended December 31, 1999.

The profit after tax for the quarter ended December 31, 1999 increased by 276% to Rs. 15.96 crores from Rs. 4.24 crores in the corresponding period in the earlier year. The total income for the quarter ended December 31, 1999 grew by 63% to Rs. 74.80 crores from Rs. 45.89 crores in the corresponding period in the earlier year.

For the nine month period ended December 31, 1999, the profit after tax was Rs. 46.79 crores as against Rs. 11.40 crores in the corresponding period of the earlier year indicating a growth rate of 309%. Correspondingly the total income grew to Rs. 216.19 crores from Rs. 132.80 crores indicating a growth rate of 63%.

i-SEC continued its prominent position in the Primary Dealership business. The commitments given to Reserve Bank Of India for the full financial year has been exceeded in the first nine months itself and in the secondary market trading volumes, it has continued its leadership position. i-SEC has also been one of the few active participants in the interest rate swaps market, offering continuous two-way quotes. The debt capital markets group has been one of the largest mobilisers of debt funds during this period. i-SEC has been in the forefront in developing and marketing new products such as Mortgage Backed Securitisation. Debt research widened its coverage through new publications.

i-SEC was mandated by HCL Technologies Limited as a Co-Book Running Lead Manager. The issue attracted strong demand in both overseas and domestic markets. i-SEC was a lead manager for IPOs by other prominent firms such as TV28, Kale Consultants, SQL Star International, STG International, Centurion Bank and Melstar Information Technologies.

The Corporate Finance Group of i-SEC completed many prestigious transactions in the current financial year. i-SEC advised India Foils on the induction of Sterlite Ltd. as the strategic partner in the company; ICICI Securities advised the Apollo Hospitals group on the consolidation of their healthcare business into Apollo Hospitals Enterprises Ltd.; i-SEC also arranged private equity in Microland Limited. i-SEC is currently working on a number of transactions, which are expected to close shortly. The future of the Corporate Finance business is extremely bright with a rapidly increasing trend towards industry consolidations, business restructuring, private equity placements etc being envisaged and executed. i-SEC is well positioned to play a significant role in this scenario.

i-SEC's fully owned subsidiary ICICI Brokerage Services Limited (IBSL) recorded a strong growth in volumes as well as brokerage earned during the period. IBSL was also empanelled with a number of FIIs during this period.

The financial performance of i-SEC for the nine month period ended December 31, 1999 is as follows:

The financial performance of i-SEC for the Quarter ended December 31, 1999 and corresponding Quarter ended December 31,1998 is as follows:

Except for the historical information contained herein, statements in this release which contain words or phrases such as "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions may constitute "forward-looking statements". These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to successfully implement our strategy, future levels of non-performing loans, our growth and expansion, the adequacy of our allowance for credit losses, technological changes, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by ICICI Limited (the holding company of ICICI Securities and Finance Company Limited) with the Securities and Exchange Commission of the United States. ICICI undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

For further investor queries:
Contact: Ajay Vaidya at 91-22-2882470 or email at ajay_vaidya@isecltd.com