How were the latest quarterly numbers of ICICI Securities?
Answer
Answer
For the Mar-22 quarter, ICICI Securities reported 20.6% growth in total revenues on a yoy basis at Rs.891.67 crore while the sequential revenues were lower by -5.31%. One key trend for ICICI Securities was that the brokerage income fell in Q4 sequentially due to a sharp fall in retail broking volumes, which is normal during elevated volatility. I-Sec lost market share in the last few months to discount brokers. For Q4, the fees from distribution, advisory and new issues increased 22.3%, although issue activity was subdued in Q4.
ICICI Securities
Rs in Crore
Mar-22
Mar-21
YOY
Dec-21
QOQ
Total Income (Rs cr)
₹ 891.67
₹ 739.34
20.60%
₹ 941.64
-5.31%
Net Profit (Rs cr)
₹ 340.29
₹ 329.47
3.28%
₹ 380.35
-10.53%
Diluted EPS (Rs)
₹ 10.50
₹ 10.21
₹ 11.73
Net Margins
38.16%
44.56%
40.39%
Let me now turn to profitability of ICICI Securities. Net profits were up 3.28% in the fourth quarter ended Mar-22 to Rs.329.47 crore, but fell -10.53% on sequential basis. Profits were impacted by higher finance charges for funding ESOP and MTF books as well as a sharp spike in manpower costs. Net margins were 38.16% in Mar-22 quarter compared to 44.56% in Mar-21 quarter. Net margins were also lower by 223 basis points on a sequential basis.