ICICI Securities Q3 PAT nearly doubles to Rs267cr on broking boost

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ICICI Securities reported 46.9% growth yoy in Dec-20 quarter consolidated revenues at Rs620.11cr. The sharp growth in revenues came from a 50% growth in broking revenues and a 30% growth in issuer services. ICICI Securities has one of the strongest retail franchises in the Indian broking industry and that has expanded sharply in the last one year.


For the Dec-20 quarter, the consolidated operating profits were up 93.29% at Rs357.78cr. Broking being a scale-sensitive business; the operating profits tend to magnify the revenue growth as fixed costs get better observed and that was visible. The OPM expanded sharply from 43.84% in the Dec-19 quarter to 57.70% in the Dec-20 quarter.


The consolidated Profit after tax (PAT) for the Dec-20 quarter was up 94.58% at Rs267cr on better operational performance in the quarter. As a result, the PAT margins also improved sharply from 32.50% in Dec-19 to 43.06% in Dec-20.


Financial highlights for Dec-20 compared yoy and sequentially











ICICI Securities

Rs in Crore

Dec-20

Dec-19

YOY

Sep-20

QOQ

Total Income (Rs cr)

₹ 620.11

₹ 422.24

46.86%

₹ 680.68

-8.90%

Operating Profit (Rs cr)

₹ 357.78

₹ 185.10

93.29%

₹ 372.30

-3.90%

Net Profit (Rs cr)

₹ 267.02

₹ 137.23

94.58%

₹ 278.15

-4.00%

Diluted EPS (Rs)

₹ 8.28

₹ 4.26

₹ 8.61

OPM

57.70%

43.84%

54.70%

Net Margins

43.06%

32.50%

40.86%

 

Key takeaways from the Dec-20 quarter results


  • Between Mar-20 and Dec-20, the debt equity ratio of ICICI Securities changed from 1.24X to 1.54X. As a result, the debt service coverage ratio or DSCR moved from 0.53X to 0.45X while the interest coverage ratio moved from 11.42X to 15.32X.

  • ICICI Securities had some key milestones in the quarter. The overall active client base moved up 17% to 16.30 lakhs resulting in equity market share moving up 160 bps to 10.5% on all-India basis.

  • During the quarter, the private wealth management AUM moved up 45% to Rs147,000cr.

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( With inputs from indiainfoline)

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