ICICI Prudential Life Insurance Company Ltd

ICICI Prudential Life Insurance Co. carries on business of providing life insurance, pensions and health insurance products to individuals and groups. Riders providing additional benefits are offered under some of these products. The business is conducted in participating, non-participating and unit linked lines of businesses. These products are distributed through individual agents, corporate agents, banks, brokers, the Companys proprietary sales force and the Company website.(Source : 201903 Annual Report Page No: 174)

Pros:
Company is virtually debt free.
Company is expected to give good quarter
Company has a good return on equity (ROE) track record: 3 Years ROE 23.43%
Company has been maintaining a healthy dividend payout of 53.91%
Cons:
Stock is trading at 9.38 times its book value
Tax rate seems low
Earnings include an other income of Rs.746.38 Cr.
** Remarks:
Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: Insurance // Industry: Finance & Investments

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
9,260 5,199 14,277 8,442 9,525 13,555 7,290 7,899 8,972 8,669 15,895 8,343
8,801 4,704 13,871 8,004 9,070 13,068 6,980 7,697 8,638 8,460 15,990 8,259
Operating Profit 459 495 406 438 455 487 310 202 333 209 -94 84
OPM % 5% 10% 3% 5% 5% 4% 4% 3% 4% 2% -1% 1%
Other Income 12 15 43 17 17 18 99 113 -2 118 398 232
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 471 510 449 454 472 505 409 315 332 327 303 316
Tax % 11% 12% 9% 11% 11% 10% 17% 10% 9% 9% 14% 10%
Net Profit 419 450 408 406 421 452 341 282 301 297 261 285
EPS in Rs 2.92 3.14 2.85 2.83 2.93 3.15 2.37 1.96 2.10 2.07 1.82 1.98
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
14,020 20,023 21,886 34,451 20,847 37,814 38,830 41,460 41,879
13,117 19,278 20,380 32,795 19,005 36,007 37,058 40,695 41,348
Operating Profit 904 745 1,505 1,656 1,842 1,807 1,772 765 531
OPM % 6% 4% 7% 5% 9% 5% 5% 2% 1%
Other Income 627 900 129 43 0 130 132 591 746
Interest 16 14 15 17 0 15 20 23 0
Depreciation 56 41 47 40 0 58 44 57 0
Profit before tax 1,459 1,591 1,573 1,642 1,842 1,864 1,840 1,276 1,278
Tax % 5% 5% 1% 0% 10% 10% 12% 11%
Net Profit 1,386 1,516 1,562 1,640 1,650 1,682 1,620 1,141 1,144
EPS in Rs 10.94 11.28 7.94 7.97
Dividend Payout % 30% 32% 70% 51% 73% 63% 59% 40%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:13.63%
3 Years:25.76%
TTM:9.43%
Compounded Profit Growth
10 Years:%
5 Years:-6.10%
3 Years:-11.59%
TTM:-23.51%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:13.41%
1 Year:50.63%
Return on Equity
10 Years:%
5 Years:26.71%
3 Years:23.43%
Last Year:16.96%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Jun 2019
1,429 1,429 1,429 1,432 1,432 1,435 1,436 1,436 1,436
Reserves 1,553 2,532 2,955 3,832 3,642 4,973 5,141 5,440 5,866
Borrowings 0 0 0 0 1,029 0 0 0 0
68,641 71,260 77,090 95,952 98,663 118,334 135,245 156,215 158,276
Total Liabilities 71,623 75,220 81,474 101,216 104,766 124,743 141,821 163,090 165,578
176 165 197 209 212 207 404 463 468
CWIP 4 7 5 6 7 7 18 13 0
Investments 12,580 16,196 19,791 24,715 103,027 121,586 138,540 159,009 49,972
58,863 58,852 61,482 76,286 1,520 2,943 2,859 3,606 115,137
Total Assets 71,623 75,220 81,474 101,216 104,766 124,743 141,821 163,090 165,578

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
2,830 -2,640 -2,381 528 3,636 4,132 5,693 11,381
-814 1,563 6,004 -1,820 25 -699 -5,392 -7,563
-362 -514 -1,091 -966 -1,442 -994 -1,188 -843
Net Cash Flow 1,654 -1,591 2,532 -2,257 2,219 2,439 -887 2,975

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 46% 38% 34% 32% 30% 29% 19%
Debtor Days 0 0 0 0 3 0 0 0
Inventory Turnover