ICICI Securities Ltd

ICICI Securities Ltd

₹ 841 2.72%
23 Feb - 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 FY22
Broking & Distribution (89%): Investment and trading across asset classes including equity, commodity, derivatives, currency, margin trading funding, offshore investments, etc for retail as well as institutional clients and distribution of proprietary as well as third party products such as Mutual Fund, Gold Bonds, ETFs, NPS, Corporate FDs, Bonds, etc.
Private Wealth Management (3%): Servicing High Networth clients by providing innovative products and solutions across their investment, business, and allied needs.
Issuer & Advisory Services (9%): Full-service investment banking services including, Equity Capital Market, Debt Advisory, M&A, etc. [1]

  • Market Cap 27,183 Cr.
  • Current Price 841
  • High / Low 866 / 416
  • Stock P/E 19.1
  • Book Value 101
  • Dividend Yield 2.26 %
  • ROCE 18.1 %
  • ROE 42.3 %
  • Face Value 5.00

Pros

  • Company is expected to give good quarter
  • Company has a good return on equity (ROE) track record: 3 Years ROE 56.8%
  • Company has been maintaining a healthy dividend payout of 58.6%

Cons

  • Stock is trading at 8.30 times its book value
  • Company might be capitalizing the interest cost
  • Debtor days have increased from 62.7 to 82.5 days.

* 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
620 739 745 856 942 892 794 858 879 885 934 1,249 1,323
223 254 275 313 333 329 311 335 330 337 363 439 412
Operating Profit 397 486 470 544 608 563 483 523 549 548 571 810 911
OPM % 64% 66% 63% 63% 65% 63% 61% 61% 62% 62% 61% 65% 69%
-0 0 2 0 0 1 1 7 1 0 0 -0 1
Interest 25 31 42 58 83 91 100 108 153 175 185 215 261
Depreciation 14 14 14 15 16 17 16 19 19 21 22 26 27
Profit before tax 358 441 417 471 510 455 367 404 377 353 364 569 624
Tax % 25% 25% 25% 25% 25% 25% 25% 26% 26% 26% 26% 26% 25%
267 329 311 351 380 340 274 300 281 263 271 424 466
EPS in Rs 8.29 10.22 9.63 10.89 11.79 10.55 8.48 9.31 8.70 8.14 8.39 13.11 14.41
Raw PDF

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 Mar 2023 TTM
706 812 1,210 1,125 1,403 1,861 1,725 1,721 2,586 3,435 3,422 4,391
553 634 711 707 838 942 912 823 993 1,250 1,313 1,550
Operating Profit 153 178 499 417 566 919 813 898 1,593 2,185 2,109 2,841
OPM % 22% 22% 41% 37% 40% 49% 47% 52% 62% 64% 62% 65%
0 -0 -2 -1 1 -2 1 3 -1 4 4 1
Interest 31 25 31 26 29 50 42 86 107 274 536 835
Depreciation 14 13 16 16 15 15 15 61 54 63 75 96
Profit before tax 109 140 450 374 522 852 757 753 1,431 1,853 1,501 1,911
Tax % 34% 36% 35% 36% 35% 35% 35% 28% 25% 25% 26%
72 89 294 239 339 553 491 542 1,068 1,383 1,118 1,423
EPS in Rs 0.89 1.11 3.65 2.96 4.20 17.18 15.23 16.82 33.14 42.85 34.62 44.05
Dividend Payout % 42% 45% 55% 67% 61% 32% 62% 65% 65% 56% 55%
Compounded Sales Growth
10 Years: 17%
5 Years: 13%
3 Years: 26%
TTM: 28%
Compounded Profit Growth
10 Years: 32%
5 Years: 15%
3 Years: 27%
TTM: 19%
Stock Price CAGR
10 Years: %
5 Years: 33%
3 Years: 28%
1 Year: 76%
Return on Equity
10 Years: 59%
5 Years: 55%
3 Years: 57%
Last Year: 42%

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 Mar 2023 Sep 2023
Equity Capital 161 161 161 161 161 161 161 161 161 161 161 162
Reserves 51 88 191 237 329 687 886 1,048 1,661 2,269 2,691 3,113
Preference Capital 50 0 0 0 0 0 0 0 0 0 0
220 317 227 173 395 677 452 1,657 3,630 7,846 9,408 12,423
409 1,006 784 826 1,162 1,349 3,165 1,576 2,729 3,370 3,308 5,061
Total Liabilities 840 1,573 1,363 1,397 2,047 2,874 4,665 4,443 8,181 13,646 15,569 20,759
33 35 35 35 35 38 44 198 161 184 258 355
CWIP 3 2 4 2 3 4 4 8 8 14 31 32
Investments 3 100 1 1 2 4 3 2 3 11 8 10
802 1,436 1,323 1,358 2,008 2,828 4,614 4,234 8,009 13,438 15,272 20,362
Total Assets 840 1,573 1,363 1,397 2,047 2,874 4,665 4,443 8,181 13,646 15,569 20,759

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 Mar 2023
165 71 2,289 -1,878 -1,610 -2,597 -674
-17 -21 -21 -23 -40 -69 -125
-54 6 -561 559 1,417 3,130 266
Net Cash Flow 94 56 1,707 -1,342 -233 464 -533

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 Mar 2023
Debtor Days 50 242 52 95 185 61 101 19 65 41 83
Inventory Days
Days Payable
Cash Conversion Cycle 50 242 52 95 185 61 101 19 65 41 83
Working Capital Days -64 -135 -125 -73 -51 -152 -461 -81 -220 -260 -137
ROCE % 31% 84% 70% 76% 75% 53% 38% 37% 27% 18%

Shareholding Pattern

Numbers in percentages

2 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
75.00% 74.92% 74.91% 74.89% 74.89% 74.87% 74.86% 74.85% 74.85% 74.83% 74.79% 74.77%
3.74% 5.68% 6.29% 6.58% 7.32% 7.10% 7.43% 7.77% 8.75% 9.48% 10.06% 10.33%
9.04% 7.34% 7.51% 7.79% 7.08% 6.75% 6.24% 5.82% 5.06% 5.08% 6.20% 6.35%
12.23% 12.06% 11.29% 10.74% 10.71% 11.28% 11.47% 11.56% 11.35% 10.60% 8.93% 8.55%
No. of Shareholders 1,54,4191,44,0001,61,6831,73,2481,86,8751,93,2951,91,5091,76,5741,72,7881,65,9231,38,5631,30,734

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

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