ICICI Securities: Financial Analysis

ICICI Securities Ltd’s financial statements analysis:

1. Profit & Loss Statement

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profit & loss analysis of icici securities for last 5 years

2. Balance Sheet

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Balance Sheet analysis of icici securities for last 3 years.

3. Cash Flow Analysis

Strong income from operations denotes longevity.

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cash flow analysis of icici securities for last 5 years

4. Earning Quality – Net Profit vs Operating Cash

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net profit comparison of icici securities with operating cash for last 5 years

5. Performance Ratios

 ISEC Performance RatiosFY19FY18FY17FY16FY15FY14
ROA (%)9.8415.715.817.716.766.06
ROE (%)53.3584.2776.7963.1774.8726
ROCE (%)53.174.8775.9269.271.9925.85
Debtors Turnover(x)4.343.652.84.833.42.55

6. Efficiency Ratios

ISEC Efficiency Ratios FY19FY18FY17FY16FY15FY14
Receivable days84.17100.12130.2375.56107.37142.88
Inventory Days31.496.7822.4128.449.287.38
Payable days664.99325.86362.81322.33382.75337.75

7. Growth Ratios

ISEC Growth Ratios FY19FY18FY17FY16FY15FY14
Net Sales Growth(%)           -8.24          32.38          24.95           -7.10         49.00         10.02
Core EBITDA Growth(%)        -11.00          61.49          37.00           -7.65       172.82         10.50
EBIT Growth(%)        -11.15          63.26          38.61           -7.87       186.15         11.93
PAT Growth(%)        -11.32          62.64          43.21           -3.37       225.54            9.87
Adj. EPS Growth(%)        -11.32        306.61          43.21           -3.37       248.46         14.15

8. Financial Stability

ISEC Financial Stability Ratios FY19FY18FY17FY16FY15FY14
Total Debt/Equity(x)0.450.830.820.440.641.06
Current Ratio(x)1.191.241.191.251.211.06
Quick Ratio(x)1.121.221.171.11.181.03
Interest Cover(x)18.9918.2619.2815.6314.066.2

9. Valuation Ratios

ISEC Valuation RatiosFY19
Trailing PE – Dec 1931.67
Price/ Book Value(x)7.75
Dividend Yield(%)3.88
EV/Net Sales(x)3.02
EV/EBITDA(x)6.33
EV/EBIT(x)6.45

10. Quarter Performance

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Dec 19 quarter performance of icici securities YOY variance

11. Segment Wise Performance

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segment wise performance of icici securities FY20
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Author: PA Wealth Advisors

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