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ICICI SECURITIES Results: Latest Quarterly Results & Analysis

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ICICI Securities Ltd. 24 Jul 2024 13:40 PM
Result PDF

Q1FY25 Quarterly Result Announced for ICICI Securities Ltd.

Capital Markets company ICICI Securities announced Q1FY25 results:
  • Consolidated revenue increased by 75.9% from Rs 9,344.4 million in Q1FY24 to Rs 16,441.1 million in Q1FY25.
  • Consolidated profit after tax increased by 94.5% from Rs 2,708.4 million in Q1FY24 to Rs 5,269.1 million in Q1FY25.
  • Interest income increased from Rs 3,077.6 million in Q1FY24 to Rs 5,825.9 million in Q1FY25, an increase of 89.3%. This was primarily due to increase in average MTF funding and Fixed deposit book.
  • Brokerage income increased from Rs 3,428.9 million in Q1FY24 to Rs 6,222.9 million in Q1FY25, an increase of 81.5%. This was primarily due to increase in equity & derivative volumes.
  • Income from services increased from Rs 2,517.1 million in Q1FY24 to Rs 4,147.5 million in Q1FY25, an increase of 64.8%. This was primarily on account of increase in issuer services & advisory fee income and income from mutual fund.
  • Net gain on fair value changes decreased from Rs 316.0 million in Q1FY24 to Rs 207.8 million in Q1FY25, a decrease of 34.2%. This was primarily due to fair value changes in our treasury segment.
  • Finance costs increased from Rs 1,846.1 million in Q1FY24 to Rs 3,938.4 million in Q1FY25. This increase was primarily due to increased borrowing to fund MTF and increase in borrowing cost on account of increased interest rate.
  • Fees and commission expenses increased from Rs 386.5 million in Q1FY24 to Rs 742.1 million for Q1FY25, primarily due to increase in revenue linked payout to partners.
  • Operating expenses increased from Rs 335.0 million in Q1FY24 to Rs 529.2 million in Q1FY25, mainly due to increase in operating expenses linked to volumes.
  • Employee benefits expenses increased from Rs 2,012.4 million in Q1FY24 to Rs 2,650.6 million in Q1FY25 primarily on account of annual increments in salaries and increase in headcount.
  • Depreciation and amortization expense increased from Rs 223.1 million in Q1FY24 to Rs 366.1 million in Q1- FY2025, primarily on account of depreciation and amortization of technology related assets
  • Other expenses increased from Rs 890.3 million in Q1FY24 to Rs 1,090.3 million in Q1FY25, an increase of 22.5%, primarily due to increase in technology expenses.
  • Total assets increased from Rs 2,56,226.7 million as at March 31, 2024 to Rs 2,77,838.6 million as at June 30, 2024, an increase of 8.4%. This increase was primarily due to increase in MTF book from Rs 1,16,386.8 million as at March 31, 2024 to Rs 1,46,700.4 million as at June 30, 2024.
  • Total liabilities increased from Rs 2,56,226.7 million as at March 31, 2024 to Rs 2,77,838.6 million as at June 30, 2024, an increase of 8.4%. This increase was primarily due to increase in debt securities from Rs 1,64,040.8 million as at March 31, 2024 to Rs 1,89,953.5 million as at June 30, 2024.

Result PDF

Result PDF
Capital Markets company ICICI Securities announced Q3FY24 results:

Key Financial Highlights for Q3FY24
  • Consolidated revenue increased by 50.4% to Rs 13,232.6 million, up from Rs 8,798.8 million in Q3FY23.
  • Consolidated profit after tax saw a significant increase of 65.8%, rising to Rs 4,656.9 million from Rs 2,809.5 million in Q3FY23.
  • Interest income rose by 69.0%, amounting to Rs 4,546.2 million compared to Rs 2,689.6 million for Q3FY23.
  • Brokerage income grew by 48.1%, up to Rs 4,647.2 million from Rs 3,137.4 million during the same period last year.
  • Income from services increased by 36.6% to Rs 3,794.7 million, up from Rs 2,777.8 million in Q3FY23.
  • The net gain on fair value changes rose by 29.5% to Rs 234.6 million from Rs 181.1 million in Q3FY23.

Expenses
  • Finance costs went up by 70.3% to Rs 2,606.5 million from Rs 1,530.3 million in Q3FY23.
  • Fees and commission expenses increased from Rs 425.9 million to Rs 511.1 million, a 20% rise.
  • Operating expenses saw an increase of 35.8%, up to Rs 362.1 million compared to Rs 266.6 million in Q3FY23.
  • Employee benefits expenses increased by 30.4% to Rs 2,291.7 million from Rs 1,756.8 million in Q3FY23.
  • Depreciation and amortization expenses increased from Rs 193.5 million to Rs 271.6 million, a 40.4% increase year-on-year.
  • Other expenses went up by 9.6% to Rs 917.4 million from Rs 837.4 million.

Assets
  • Total assets increased by 45.7% to Rs 2,26,764.8 million from Rs 1,55,688.0 million at the end of the previous fiscal year.

Liabilities and Equity
  • Total liabilities and equity also rose by 45.7% to Rs 2,26,764.8 million from the previous Rs 1,55,688.0 million.

 

Result PDF

Capital Markets company ICICI Securities announced Q2FY24 results:

1. Financial Performance:
- Consolidated revenue increased by 44.3% from Rs 8,656.3 million in Q2FY23 to Rs 12,489.6 million in Q2FY24.
- Consolidated profit after tax increased by 41.0% from Rs 3,004.1 million in Q2FY23 to Rs 4,236.3 million in Q2FY24.
- Revenue growth across business segments: Equity revenue grew by 51% YoY and 50% QoQ, derivative revenue grew by 43% YoY and 28% QoQ, distribution revenue grew by 13% YoY and 11% QoQ, and allied revenue grew by 47% YoY and 41% QoQ.

2. Market Share:
- Gained/held market share in most revenue-generating parameters: Retail Cash Market Share increased from 10.6% in Q2FY23 to 12.8% in Q2FY24, Retail Derivative Market Share remained at 3.7%, Commodity Market Share increased from 5.5% to 7.8%, and Mutual Fund AUM Market Share remained at 1.7%.
- Continued leadership position in MTF with a market share of around 22%.

3. Wealth Management:
- Total AUM at approximately Rs 3.7 trillion, representing a 20% YoY growth.
- Total revenue at around Rs 3.6 billion, growing by 37% YoY.
- Recurring revenue and transactional revenue both saw positive growth.

4. Loans:
- Distributed loans worth Rs 14.6 billion in Q2FY24, up 66% YoY and 25% QoQ.
- Offering multiple loan products with partnerships and focusing on existing customer base.
- Loan distribution business shows consistent growth and traction.

5. Institutional Business:
- Strong performance in institutional equities and allied revenue, growing by 147% YoY and 90% QoQ.
- Significant growth in issuer services and advisory revenue, increasing by 62% YoY and 119% QoQ.
- Leading investment bank, with transactions worth Rs ~5.6 trillion.
 

 

 

Result PDF

Capital Markets company ICICI Securities announced Q1FY24 results:

  • Consolidated revenue increased by 17.6% from Rs 7,947.6 million in Q1FY23 to Rs 9,344.4 million in Q1FY24.
  • Consolidated profit after tax decreased by 1.0% from Rs 2,735.9 million in Q1FY23 to Rs 2,708.5 million in Q1FY24.
  • Interest income increased from Rs 2,180.6 million for Q1FY23 to Rs 3,077.6 million in Q1FY24, an increase of 41.1%. This was due to an increase in yields and average MTF funding book and fixed deposits.
  • Brokerage income increased from Rs 3,033.8 million for Q1FY23 to Rs 3,428.9 million in Q1FY24, an increase of 13.0%. This was primarily due to an increase in retail equity & derivative volumes.
  • Income from services remains flat at Rs 2,554.0 million for Q1FY23 against Rs 2,517.1 million in Q1FY24.
  • Net gain on fair value changes increased from Rs 164.1 million in Q1FY23 to Rs 316.0 million in Q1FY24, an increase of 92.6%. This was primarily due to gain on fair value changes in our treasury segment.
  • Finance costs increased from Rs 1,003.7 million for Q1FY23 to Rs 1,846.1 million in Q1FY24. This increase was primarily due to increased borrowing to fund MTF and an increase in borrowing costs on account of increased interest rates.
  • Fees and commission expenses increased from Rs 375.3 million for Q1FY23 to Rs 386.5 million for Q1FY24, primarily due to an increase in revenue-linked payout to partners.
  • Operating expenses increased from Rs 245.5 million for Q1FY23 to Rs 335.0 million in Q1FY24, mainly due to an increase in operating expenses linked to volumes.
  • Employee benefits expenses increased from Rs 1,750.1 million for Q1FY23 to Rs 2,012.4 million in Q1FY24 primarily on account of annual increments in salaries and an increase in headcount.
  • Depreciation and amortization expense increased from Rs 164.3 million for Q1FY23 to Rs 223.1 million for Q1FY24, primarily on account of depreciation and amortization on technology-related assets
  • Other expenses increased from Rs 718.8 million in Q1FY23 to Rs 890.3 million in Q1FY24, an increase of 23.8%, primarily due to increase in technology related expenses.
  • Total assets increased from Rs 1,55,688.0 million as of March 31, 2023, to Rs 1,68,430.5 million as of June 30, 2023, an increase of 8.2%. This increase was primarily due to an increase in bank balance other than cash and cash equivalents from Rs 65,501.3 million as of March 31, 2023, to Rs 79,659.5 million as of June 30, 2023.
  • Total liabilities and equity increased from Rs 1,55,688.0 million as of March 31, 2023, to Rs 1,68,430.5 million as of June 30, 2023, an increase of 8.2%. This increase was primarily due to an increase in borrowings from Rs 87,886.9 million as of March 31, 2023, to Rs 98,629.6 million as of June 30, 2023.

 

 

Result PDF

Financial services company ICICI Securities announced Q4FY23 results:
 

  • Interest income increased from Rs 2,119.1 million for Q4FY22 to Rs 2,871.2 million in Q4FY23, an increase of 35.5%. This was primarily due to the increase in the average MTF funding book and fixed deposits.

  • Brokerage income decreased from Rs 3,728.9 million for Q4FY22 to Rs 3,102.8 million in Q4FY23. This was primarily due to a decrease in retail equity volumes, which was partially compensated by an increase in retail derivative volumes.

  • Income from services declined from Rs 2,874.8 million for Q4FY22 to Rs 2,621.4 million in Q4FY23. This was primarily due to a decrease in issuer services & advisory fee income by 80.5% from Rs 649.0 million to Rs 126.8 million on account of a significant decline in primary market activity which was partially compensated by an increase in distribution revenue.

  • Net gain on fair value increased from Rs 174.9 million in Q4FY22 to Rs 247.2 million in Q4FY23, an increase of 41.3%. This was primarily due to gain on fair value changes in our treasury segment.

  • Finance costs increased from Rs 910.8 million in Q4FY22 to Rs 1,746.7 million in Q4FY23. This was primarily due to an increase in borrowings to fund the MTF book, as well as a rise in borrowing costs.

  • Fees and commission expenses decreased from Rs 467.4 million in Q4FY22 to Rs 366.2 million for Q4FY23, primarily due to a decrease in revenue-linked payouts.

  • Operating expenses increased from Rs 303.4 million in Q4FY22 to Rs 491.3 million in Q4FY23 mainly on account of a one-time provision pertaining to margin penalties passed on to clients from October 2021 to November 2022.

  • Employee benefits expenses decreased from Rs 1,723.4 million in Q4FY22 to Rs 1,613.9 million in Q4FY23 primarily on account of lower provision for variable pay.

  • Depreciation and amortization expenses increased from Rs 173.8 million for Q4FY22 to Rs 205.5 million for Q4FY23, primarily on account of depreciation on additions of technology-related assets.

  • Other expenses increased from Rs 789.2 million in Q4FY22 to Rs 913.7 million in Q4FY23, an increase of 15.8%, primarily due to increasing technology-related expenses.

  • Total assets increased from Rs 1,36,462.2 million in Q4FY22 to Rs 1,55,688.0 million in Q4FY23, an increase of 14.1%. This increase was primarily due to an increase in cash and bank balances from Rs 56,166.1 million in Q4FY22 to Rs 67,907.7 million in Q4FY23 and an increase in securities for trade from Rs 2,430.2 million in Q4FY22 to Rs 9,163.3 million in Q4FY23.

  • Total liabilities increased from Rs 1,36,462.2 million in Q4FY22 to Rs 1,55,688 million in Q4FY23, an increase of 14.1%. This increase was primarily due to increasing borrowings from Rs 77,392.3 million in Q4FY22 to Rs 92,925.8 million in Q4FY23.

 

Result PDF

ICICI Securities announced Q3FY23 results:

  •  Q3FY23:
    • Revenue at Rs 880 crore, down 7% YoY, up 2% sequentially
    • PAT at Rs 281 crore, down 26% YoY and 6% sequentially
    • Total client assets at Rs 6 lakh crore, up 7% YoY; Private Wealth assets at Rs 3.2 lakh crore, up 15% YoY
    • Total client base at 87 Lakh , up 25% YoY
    • Retail equity market share retained at 10.5%; commodity market share up 157 bps to 5.6% YoY
    • Non broking revenue at 64% of overall revenue, vs 58% in Q3FY22
    • PMS book at ~ Rs 1,200 crore, grew 171% YoY
    • Rs 1,000 crore loan distributed, up 71% YoY

Commenting on the results and financial performance, Mr. Vijay Chandok, Managing Director and CEO of ICICI Securities said: As we look back on the past quarter, we are satisfied to see the outcome of our articulated strategy of being a neo financial services company offering a suite of products and services across investments, insurance and loans taking shape.

Given the structural shifts taking place in India like formalization and equitization of savings, entry of 10-15 crore youth in the job market annually and projected healthy GDP growth over next several years leading to overall rise in affluence level, we believe we have a long runway for growth.

We are focused in building a long-term sustainable business and towards this we continue to invest aggressively in building blocks for the future as we cement our position as a complete financial lifecycle partner. Going forward, we expect some of our newer non-equity initiatives like loans, insurance, and wealth management attain significant scale.

Result PDF

ICICI Securities announced Q2FY23 results:

  • Revenue at Rs 866 crore, up 1% YoY, up 9% sequentially
  • PAT at Rs 300 crore, down 14% YoY, up 10% sequentially
  • H1FY23 interim dividend at Rs 9.75/ share, Vs Rs 11.25/ share in H1FY22
  • Total client assets at Rs 5.78 lakh crore, up 13% YoY
  • Total client base at 84L , up 33% YoY; NSE active clients at 30.58 lakh, up 35% YoY
  • Non broking revenue at 62% of overall revenue, vs 55% in FY22
  • Private wealth assets at Rs 3.1 lakh crore; up 25% YoY
  • PMS book at Rs 1,100 crore, grew 40% QoQ
  • Retail equity market share at 10.6%, up 60 bps YoY; commodity market share up 240 bps at 5.5% YoY

Commenting on the results and financial performance, Mr. Vijay Chandok, Managing Director and CEO of ICICI Securities said: "We had a satisfactory quarter and are progressing well on our articulated strategy of pursuing long term sustainable growth by continuing to diversify in favour of non-broking business. For this, we are investing in right kind of products, services, partnerships. Today broking revenue is about a third of our overall revenue, against two thirds a couple of years back.

The journey we began several quarters back to evolve as full-fledged financial marketplace with technology as the backbone of our operations and delivery, is progressing well. Our platform icicidirect.com continues to add new features and capabilities, serving the entire lifecycle requirement of customers across their financial needs.

There may be short term moderation in growth and market opportunities, but the runaway is long. We see multi-year tailwinds in the form of increasing financialisation and digitization of savings, continued entry of large number of youth in the job market every year, and rising affluence, and we are uniquely positioned to serve the evolving needs of our customers."

 

Result PDF

Capital Markets firm ICICI Securities Announced Q1FY23 Result :

  • Revenue at Rs 795 crore, up 6% YoY on back of healthy growth in retail allied and distribution income.
  • PAT for the quarter stood at Rs 274 crore
  • The company saw improvement in market share across various segments:
    • Retail derivative market share registered growth for first time in 4 quarters as our market share improved from 3.3% in Q4FY22 to 3.5%
    • Recently launched commodity trading segment is performing well and continues to gain market share. It was 4.4% for Q1FY23.
    • Stable NSE Active market share of 8.4%
    • MF AUM market share increased to 1.7%, up from 1.6% YoY.
  • The company witnessed continued traction in product proposition:
    • Average MTF book grew 97% YoY; maintained leadership position with 22.4% market share.
    • More than a million customers have taken Prime membership. Prime and Prepaid customers together contribute 71 % of retail equities revenue.
    • ISEC Mutual Fund average AUM (exc. Direct) up 11% YoY; Equity AUM up 20%
    • SIP Equity AUM increased by 9% YoY to Rs 126 bn v/s industry growth of 8%
    • PMS book grew 10% QoQ; crossed INR 8 bn
    • Markets and Money app combined downloads have crossed 2 million mark and are rated ~4 on play store.
  • The company made several launches to further improve its product proposition:
    • LIFEY and Masters of the Street which resonates well with wealth customers.
    • On Experience and Analytical tools side for trading segment, the company rolled out new products like Smart Order Platform, Easy Options and Trading View
  • The company entered into exclusive partnership with HSBC Bank which is the first of its kind for them globally, to offer 3-in-1 broking services to their customers in India. This will provide us access to their HNI customer base.

Commenting on the results and financial performance, Mr. Vijay Chandok, Managing Director and CEO of ICICI Securities said: In this “quarter of moderation” for the industry, we focused on gaining Market share, diversifying our revenue mix, containing costs and building product pipeline as we continued to make strategic investment in technology to be “Future Ready”. Our recently launched product proposition and digital properties continued to witness healthy traction which is a testimony to our execution capabilities. Our digital innovation helps us differentiate our product proposition and embrace a broader client universe as momentum continued in our broad-based and digital-led customer acquisition engine.

As we continue our journey towards becoming a “digitally integrated financial marketplace”, our emphasis continues to be on diversification, operating leverage and strengthening product positioning by making strategic investments in technology to build a “future ready architecture” as well as on building a diversified talent pool. Through these strategic levers we will offer highly customized solutions to partner our customers though their financial journey.

Result PDF

ICICI Securities revenue increased 21% YoY to Rs 8,923 mn

ICICI Securities declares Q4FY22 result:

  • Revenue increased 21% YoY to Rs 8,923 mn; was lower sequentially by 5% primarily on account of Issuer services and advisory revenue which was impacted by postponement of multiple primary issues due to geopolitical tensions
  • Distribution Business continues to scale with increasing contribution in revenue while Retail equities revenue remained stable
  • PAT increased 3% YoY to Rs 3,403; was lower sequentially by 11% due to lower revenue
  • Private Wealth Management Rs 2,518 mn increased 59% YoY
  • Retail Equities and allied revenue Rs 5,215 mn increased 20% YoY
  • Distribution revenue Rs 1,686 mn increased 21% YoY
  • Issuer services and advisory revenue Rs 649 mn increased 22% YoY
  • Institutional equities and allied revenue Rs 627 mn decreased -2% YoY
  • Other revenue1 Rs 745 mn 11% YoY

 

Result PDF

Banking and Finance company ICICI Securities declares Q3FY22 result:

  • Revenue at Rs 942 crore, up 52% YoY; strong growth across all businesses
    • Equities and allied revenue at Rs 596 crore, up 36% YoY
    • Distribution income at Rs 164 crore, up 55% YoY
    • Private Wealth Management revenue at Rs 259 crore up 128% YoY
    • Issuer Services & Advisory* revenue at Rs 111 crore up 372% YoY
  • PAT at Rs 380 crore, up 42% YoY
  • Cost to income ratio 46%; Return on Equity (annualized) at robust 73%
  • Over 6.8 lakh clients added; up by over 386% YOY; highest ever quarterly addition
  • Total client assets at Rs 5.6 Lakh crore, up 64% YoY
  • Wealth AUM at Rs 2.8 Lakh crore, up 92% YoY
  • 3.07 million overall active clients, up 89% YoY

Mr. Vijay Chandok, Managing Director and Chief Executive Officer, said, “We are happy to report an encouraging operational and financial performance. Our broad-based and digital-led customer acquisition engine continues to break previous quarterly records. During the quarter, 68% of customers acquired are under 30 years of age (vs 44% YoY) and 87% are from tier II and below towns (vs 69% YoY).

We have identified several underserved pockets where we see a lot of potential. These include young professionals and new entrants to the job market, retirees, NRIs etc. and each’s investment objectives is very different from the other. To win them over, we are sharpening our delivery and overall value proposition.

As we continue our journey of transitioning to a digitally integrated financial marketplace, we are adopting ‘mass personalisation’ approach. Towards this we are investing in next gen skillsets, tools, platforms and capabilities, through which we are able to offer highly customized solutions matching an investor’s risk appetite and goals. Although we have a long way to go, early success is already visible through metrics like improvement in cross sell ratios (1.75 in Q3FY22 vs 1.6 in Q3FY20) and clients with two or more products (1.12 million in Q3FY22 vs 0.91 million in Q3FY20).“

Result PDF

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Disclaimer – I ICICI Securities Ltd. ( I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India, Tel No : 022 - 6807 7100. I-Sec is acting as a distributor to solicit bond related products. All disputes with respect to the distribution activity, would not have access to Exchange investor redressal forum or Arbitration mechanism. The contents herein above shall not be considered as an invitation or persuasion to trade or invest. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. Investments in securities market are subject to market risks, read all the related documents carefully before investing. The contents herein mentioned are solely for informational and educational purpose.
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