ICICI Securities Ltd

₹ 477 1.05%
12 Aug - close price
About

ICICI Securities Limited is engaged in the business of broking (institutional and retail), distribution of financial products, merchant banking and advisory services. [1]

Key Points

Business Segments
Broking (63% of revenues in FY21): Investment and trading across asset classes including equity, commodity, derivatives, currency, margin trading funding, offshore investments etc for retail as well as institutional clients.
Distribution (15% of revenues in FY21): Distribution of proprietary as well as third party products such as Mutual Fund, Gold Bonds, ETFs, NPS, Corporate FDs, Bonds etc.
Private Wealth Management (16% of revenues in FY21): Servicing High Networth clients by providing innovative products and solutions across their investment, business and allied needs.
Issuer & Advisory Services (6% of revenues in FY21): Full-service investment banking services including, Equity Capital Market, Debt Advisory, M&A etc. [1][2]

  • Market Cap 15,406 Cr.
  • Current Price 477
  • High / Low 896 / 408
  • Stock P/E 11.4
  • Book Value 75.3
  • Dividend Yield 5.03 %
  • ROCE 27.0 %
  • ROE 65.0 %
  • Face Value 5.00

Pros

  • Stock is providing a good dividend yield of 5.03%.
  • Company has delivered good profit growth of 32.5% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 62.7%
  • Company has been maintaining a healthy dividend payout of 62.1%

Cons

  • Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Finance Industry: Finance & Investments

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
387 417 422 480 546 681 620 739 745 856 942 892 794
193 202 201 229 251 267 223 254 275 313 333 329 311
Operating Profit 194 215 221 251 295 414 397 486 470 544 608 563 483
OPM % 50% 52% 52% 52% 54% 61% 64% 66% 63% 63% 65% 63% 61%
16 1 0 2 0 -0 -0 0 2 0 0 1 1
Interest 18 18 22 29 23 28 25 31 42 58 83 91 100
Depreciation 16 15 15 16 13 13 14 14 14 15 16 17 16
Profit before tax 176 184 185 208 259 372 358 441 417 471 510 455 367
Tax % 35% 27% 26% 25% 26% 25% 25% 25% 25% 25% 25% 25% 25%
Net Profit 114 135 137 156 193 278 267 329 311 351 380 340 274
EPS in Rs 3.53 4.19 4.26 4.84 5.99 8.63 8.29 10.22 9.63 10.89 11.79 10.55 8.48

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
706 812 1,210 1,125 1,403 1,861 1,725 1,721 2,586 3,435 3,483
553 634 711 707 838 942 912 823 993 1,250 1,286
Operating Profit 153 178 499 417 566 919 813 898 1,593 2,185 2,198
OPM % 22% 22% 41% 37% 40% 49% 47% 52% 62% 64% 63%
0 -0 -2 -1 1 -2 1 3 -1 4 2
Interest 31 25 31 26 29 50 42 86 107 274 332
Depreciation 14 13 16 16 15 15 15 61 54 63 65
Profit before tax 109 140 450 374 522 852 757 753 1,431 1,853 1,803
Tax % 34% 36% 35% 36% 35% 35% 35% 28% 25% 25%
Net Profit 72 89 294 239 339 553 491 542 1,068 1,383 1,345
EPS in Rs 0.89 1.11 3.65 2.96 4.20 17.18 15.23 16.82 33.14 42.85 41.71
Dividend Payout % 42% 45% 55% 67% 61% 32% 62% 65% 65% 56%
Compounded Sales Growth
10 Years: %
5 Years: 20%
3 Years: 26%
TTM: 25%
Compounded Profit Growth
10 Years: %
5 Years: 32%
3 Years: 41%
TTM: 14%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 32%
1 Year: -34%
Return on Equity
10 Years: %
5 Years: 63%
3 Years: 63%
Last Year: 65%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
211 161 161 161 161 161 161 161 161 161
Reserves 51 88 191 237 329 687 886 1,048 1,661 2,269
220 317 227 173 395 677 452 1,657 3,630 7,846
409 1,006 784 826 1,162 1,349 3,165 1,576 2,729 3,370
Total Liabilities 840 1,573 1,363 1,397 2,047 2,874 4,665 4,443 8,181 13,646
33 35 35 35 35 38 44 198 161 184
CWIP 3 2 4 2 3 4 4 8 8 14
Investments 3 100 1 1 2 4 3 2 3 11
802 1,436 1,323 1,358 2,008 2,828 4,614 4,234 8,009 13,438
Total Assets 840 1,573 1,363 1,397 2,047 2,874 4,665 4,443 8,181 13,646

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
165 71 2,289 -1,878 -1,610 -2,597
-17 -21 -21 -23 -40 -69
-54 6 -561 559 1,417 3,130
Net Cash Flow 94 56 1,707 -1,342 -233 464

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 50 242 52 95 185 61 101 19 65 41
Inventory Days
Days Payable
Cash Conversion Cycle 50 242 52 95 185 61 101 19 65 41
Working Capital Days -64 -135 -125 -73 -51 -152 -461 -81 -220 -260
ROCE % 31% 84% 70% 76% 75% 53% 38% 37% 27%

Shareholding Pattern

Numbers in percentages

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
79.22 79.22 79.22 79.22 77.22 75.00 75.00 74.92 74.91 74.89 74.89 74.87
2.69 2.74 3.16 3.75 3.98 4.60 3.74 5.68 6.29 6.58 7.32 7.10
12.04 11.85 11.45 10.18 10.06 9.93 9.04 7.34 7.51 7.79 7.08 6.75
6.05 6.19 6.17 6.84 8.74 10.47 12.23 12.06 11.29 10.74 10.71 11.28

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