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ICICI SECURITIES 2020-21 Annual Report Analysis
Wed, 31 Mar

ICICI SECURITIES has announced its results for the year ended March 2021. Let us have a look at the detailed performance review of the company during FY20-21.

ICICI SECURITIES Income Statement Analysis

  • Operating income during the year rose 50.4% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 80.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 61.4% in FY21 as against 51.1% in FY20.
  • Depreciation charges decreased by 11.8% and finance costs increased by 24.2% YoY, respectively.
  • Other income declined by 81.1% YoY.
  • Net profit for the year grew by 97.0% YoY.
  • Net profit margins during the year grew from 31.5% in FY20 to 41.3% in FY21.

ICICI SECURITIES Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 17,191 25,862 50.4%
Other income Rs m 217 41 -81.1%
Total Revenues Rs m 17,407 25,903 48.8%
Gross profit Rs m 8,791 15,881 80.7%
Depreciation Rs m 614 542 -11.8%
Interest Rs m 864 1,073 24.2%
Profit before tax Rs m 7,529 14,308 90.0%
Tax Rs m 2,109 3,631 72.1%
Profit after tax Rs m 5,420 10,677 97.0%
Gross profit margin % 51.1 61.4
Effective tax rate % 28.0 25.4
Net profit margin % 31.5 41.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



New Research: 2 stocks to buy as Nifty50 heads towards 40,000

ICICI SECURITIES Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 63 billion as compared to Rs 32 billion in FY20, thereby witnessing an increase of 99.9%.
  • Current assets rose 96% and stood at Rs 78 billion, while fixed assets fell 5% and stood at Rs 20 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 98 billion as against Rs 61 billion during FY20, thereby witnessing a growth of 61%.

ICICI SECURITIES Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 12,038 18,049 49.9
 
Current Liabilities Rs m 31,504 62,982 99.9
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 61,166 98,417 60.9
 
Current assets Rs m 39,897 78,110 95.8
Fixed Assets Rs m 21,269 20,307 -4.5
Total Assets Rs m 61,166 98,417 60.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



ICICI SECURITIES Cash Flow Statement Analysis

  • ICICI SECURITIES's cash flow from operating activities (CFO) during FY21 stood at Rs -16 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -402 million, an improvement of 77.8% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs 14 billion, an improvement of 154% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -2 billion from the Rs -13 billion net cash flows seen during FY20.

ICICI SECURITIES Cash Flow Statement 2020-21

Particulars No. of months 12 12 % Change
Year Ending Mar-20 Mar-21
Cash Flow from Operating Activities Rs m -18,783 -16,095 -
Cash Flow from Investing Activities Rs m -226 -402 -
Cash Flow from Financing Activities Rs m 5,588 14,170 153.6%
Net Cash Flow Rs m -13,421 -2,327 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for ICICI SECURITIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 33.1, an improvement from the EPS of Rs 16.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 381.6, stands at 11.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 6.8 times, while the price to sales ratio stands at 4.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 12.1 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Sales per share (Unadj.) Rs 53.4 80.3
TTM Earnings per share Rs 16.8 33.1
Diluted earnings per share Rs 16.8 33.1
Price to Cash Flow x 14.8 12.1
TTM P/E ratio x 16.5 11.5
Price / Book Value ratio x 9.6 7.5
Market Cap Rs m 115,286 135,478
Dividends per share (Unadj.) Rs 11.0 21.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for ICICI SECURITIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.2x during FY21, from 1.3x during FY20. The current ratio measures the company's ability to pay short-term and long-term obligations.

    Interest Coverage Ratio: The company's interest coverage ratio improved and stood at 14.3x during FY21, from 9.7x during FY20. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company improved and stood at 59.2% during FY21, from 45.0% during FY21. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

    Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 85.2% during FY21, from 69.7% during FY20. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

    Return on Assets (ROA): The ROA of the company improved and stood at 11.9% during FY21, from 10.3% during FY20. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Current ratio x 1.3 1.2
Debtors’ Days Days 19 65
Interest coverage x 9.7 14.3
Debt to equity ratio x 0.0 0.0
Return on assets % 10.3 11.9
Return on equity % 45.0 59.2
Return on capital employed % 69.7 85.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how ICICI SECURITIES has performed over the last 5 years, please visit here.

ICICI SECURITIES Share Price Performance

Over the last one year, ICICI SECURITIES share price has moved up from Rs 277.1 to Rs 381.6, registering a gain of Rs 104.5 or around 37.7%.

Overall, the S&P BSE SENSEX is up 74.1% over the year.

(To know more, check out historical annual results for ICICI SECURITIES and quarterly results for ICICI SECURITIES)

Annual Report FAQs

What is the current share price of ICICI SECURITIES?

ICICI SECURITIES currently trades at Rs 726.0 per share. You can check out the latest share price performance of ICICI SECURITIES here...

What was the revenue of ICICI SECURITIES in FY21? How does it compare to earlier years?

The revenues of ICICI SECURITIES stood at Rs 25,903 m in FY21, which was up 48.8% compared to Rs 17,407 m reported in FY20.

ICICI SECURITIES' revenue has grown from Rs 14,042 m in FY17 to Rs 25,903 m in FY21.

Over the past 5 years, the revenue of ICICI SECURITIES has grown at a CAGR of 16.5%.

What was the net profit of ICICI SECURITIES in FY21? How does it compare to earlier years?

The net profit of ICICI SECURITIES stood at Rs 10,677 m in FY21, which was up 97.0% compared to Rs 5,420 m reported in FY20.

This compares to a net profit of Rs 4,907 m in FY19 and a net profit of Rs 5,535 m in FY18.

Over the past 5 years, ICICI SECURITIES net profit has grown at a CAGR of 33.3%.

What does the cash flow statement of ICICI SECURITIES reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of ICICI SECURITIES reveals:

  • Cash flow from operations increased in FY21 and stood at Rs -16,095 m as compared to Rs -18,783 m in FY20.
  • Cash flow from investments decreased in FY21 and stood at Rs -402 m as compared to Rs -226 m in FY20.
  • Cash flow from financial activity increased in FY21 and stood at Rs 14,170 m as compared to Rs 5,588 m in FY20.

Here's the cash flow statement of ICICI SECURITIES for the past 5 years.

(Rs m)FY17FY18FY19FY20FY21
From Operations1,65371122,893-18,783-16,095
From Investments-170-210-208-226-402
From Financial Activity-54164-5,6155,58814,170
Net Cashflow94256417,070-13,421-2,327

What does the Key Ratio analysis of ICICI SECURITIES reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of ICICI SECURITIES reveals:

  • Operating profit margins witnessed a fall and down at 61.4% in FY21 as against 51.1% in FY20.
  • Net profit margins grew from 31.5% in FY20 to 41.3% in FY21.
  • Debt to Equity ratio for FY21 stood at 0.0 as compared to 0.0 in FY20.

Here's the ratio/financial analysis of ICICI SECURITIES for the past 5 years.

 FY17FY18FY19FY20FY21
Operating Profit Margin (%)40.349.346.451.161.4
Net Profit Margin (%)24.129.728.831.541.3
Debt to Equity Ratio (x)0.00.00.00.00.0

Read: Latest Annual Report Analysis of ICICI SECURITIES

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