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ICICI SECURITIES 2022-23 Annual Report Analysis
Sun, 6 Aug

ICICI SECURITIES has announced its results for the year ended March 2023. Let us have a look at the detailed performance review of the company during FY22-23.

ICICI SECURITIES Income Statement Analysis

  • Operating income during the year fell 0.6% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 3.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 61.6% in FY23 as against 63.4% in FY22.
  • Depreciation charges increased by 20.1% and finance costs increased by 96.0% YoY, respectively.
  • Other income declined by 12.7% YoY.
  • Net profit for the year declined by 19.2% YoY.
  • Net profit margins during the year declined from 40.3% in FY22 to 32.7% in FY23.

ICICI SECURITIES Income Statement 2022-23

No. of Mths Year Ending 12 Mar-22* 12 Mar-23* % Change
Net Sales Rs m 34,350 34,158 -0.6%
Other income Rs m 112 97 -12.7%
Total Revenues Rs m 34,461 34,255 -0.6%
Gross profit Rs m 21,778 21,028 -3.4%
Depreciation Rs m 625 751 20.1%
Interest Rs m 2,737 5,363 96.0%
Profit before tax Rs m 18,528 15,011 -19.0%
Tax Rs m 4,702 3,835 -18.4%
Profit after tax Rs m 13,826 11,176 -19.2%
Gross profit margin % 63.4 61.6
Effective tax rate % 25.4 25.5
Net profit margin % 40.3 32.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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ICICI SECURITIES Balance Sheet Analysis

  • The company's current liabilities during FY23 stood at Rs 127 billion as compared to Rs 112 billion in FY22, thereby witnessing an increase of 13.4%.
  • Current assets rose 14% and stood at Rs 151 billion, while fixed assets rose 16% and stood at Rs 34 billion in FY23.
  • Overall, the total assets and liabilities for FY23 stood at Rs 184 billion as against Rs 161 billion during FY22, thereby witnessing a growth of 14%.

ICICI SECURITIES Balance Sheet as on March 2023

No. of Mths Year Ending 12 Mar-22* 12 Mar-23* % Change
Networth Rs m 24,034 28,039 16.7
 
Current Liabilities Rs m 112,006 126,986 13.4
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 161,397 184,456 14.3
 
Current assets Rs m 132,280 150,537 13.8
Fixed Assets Rs m 29,117 33,919 16.5
Total Assets Rs m 161,397 184,456 14.3
* 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 FY23 stood at Rs -7 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY23 stood at Rs -1 billion, an improvement of 81.5% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY23 stood at Rs 3 billion on a YoY basis.
  • Overall, net cash flows for the company during FY23 stood at Rs -5 billion from the Rs 5 billion net cash flows seen during FY22.

ICICI SECURITIES Cash Flow Statement 2022-23

Particulars No. of months 12 12 % Change
Year Ending Mar-22 Mar-23
Cash Flow from Operating Activities Rs m -25,975 -6,742 -
Cash Flow from Investing Activities Rs m -688 -1,248 -
Cash Flow from Financing Activities Rs m 31,305 2,660 -91.5%
Net Cash Flow Rs m 4,642 -5,330 -
* 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 34.6, an decline from the EPS of Rs 42.8 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 618.8, stands at 17.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 7.1 times, while the price to sales ratio stands at 5.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 14.3 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-22* 12 Mar-23*
Sales per share (Unadj.) Rs 106.5 105.8
TTM Earnings per share Rs 42.8 34.6
Diluted earnings per share Rs 42.8 34.6
Price to Cash Flow x 13.9 14.3
TTM P/E ratio x 14.5 17.9
Price / Book Value ratio x 8.6 6.1
Market Cap Rs m 205,692 171,063
Dividends per share (Unadj.) Rs 24.0 19.0
* 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 improved and stood at 1.2x during FY23, from 1.2x during FY22. 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 deteriorated and stood at 3.8x during FY23, from 7.8x during FY22. 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 declined and down at 39.9% during FY23, from 57.5% during FY23. 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 declined and down at 72.7% during FY23, from 88.5% during FY22. 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 declined and down at 9.0% during FY23, from 10.3% during FY22. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-22* 12 Mar-23*
Current ratio x 1.2 1.2
Debtors’ Days Days 41 83
Interest coverage x 7.8 3.8
Debt to equity ratio x 0.0 0.0
Return on assets % 10.3 9.0
Return on equity % 57.5 39.9
Return on capital employed % 88.5 72.7
* 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 489.1 to Rs 618.8, registering a gain of Rs 129.8 or around 26.5%.

Overall, the S&P BSE SENSEX is up 12.6% 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 729.5 per share. You can check out the latest share price performance of ICICI SECURITIES here...

What was the revenue of ICICI SECURITIES in FY23? How does it compare to earlier years?

The revenues of ICICI SECURITIES stood at Rs 34,255 m in FY23, which was down -0.6% compared to Rs 34,461 m reported in FY22.

ICICI SECURITIES' revenue has grown from Rs 17,283 m in FY19 to Rs 34,255 m in FY23.

Over the past 5 years, the revenue of ICICI SECURITIES has grown at a CAGR of 18.7%.

What was the net profit of ICICI SECURITIES in FY23? How does it compare to earlier years?

The net profit of ICICI SECURITIES stood at Rs 11,176 m in FY23, which was down -19.2% compared to Rs 13,826 m reported in FY22.

This compares to a net profit of Rs 10,677 m in FY21 and a net profit of Rs 5,420 m in FY20.

Over the past 5 years, ICICI SECURITIES net profit has grown at a CAGR of 22.8%.

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 FY23 and stood at Rs -6,742 m as compared to Rs -25,975 m in FY22.
  • Cash flow from investments decreased in FY23 and stood at Rs -1,248 m as compared to Rs -688 m in FY22.
  • Cash flow from financial activity decreased in FY23 and stood at Rs 2,660 m as compared to Rs 31,305 m in FY22.

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

(Rs m)FY19FY20FY21FY22FY23
From Operations22,893-18,783-16,095-25,975-6,742
From Investments-208-226-402-688-1,248
From Financial Activity-5,6155,58814,17031,3052,660
Net Cashflow17,070-13,421-2,3274,642-5,330

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 stood at 61.6% in FY23 as against 63.4% in FY22.
  • Net profit margins declined from 40.3% in FY22 to 32.7% in FY23.
  • Debt to Equity ratio for FY23 stood at 0.0 as compared to 0.0 in FY22.

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

 FY19FY20FY21FY22FY23
Operating Profit Margin (%)46.451.161.463.461.6
Net Profit Margin (%)28.831.541.340.332.7
Debt to Equity Ratio (x)0.00.00.00.00.0

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