Tag: ICICI Securities

ICICI Securities Q2 Results | Net profit zooms 41%, interim dividend of ₹12 per share declared

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Brokerage house ICICI Securities Ltd on Monday (October 16) reported a 41% year-on-year (YoY) jump in net profit at ₹423.6 crore for the second quarter that ended September 30, 2023.

In the corresponding quarter last year, ICICI Securities posted a net profit of ₹300 crore, the company said in a regulatory filing.

In the quarter, total revenue stood at ₹1,249 crore, up 45.5% against ₹858.5 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA jumped 54.8% to ₹810.1 crore in the second quarter of this fiscal over ₹ 523.3 crore in the corresponding period in the previous fiscal.

The EBITDA margin stood at 64.9% in the reporting quarter compared to 61% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

The company declared an interim dividend of ₹12 per equity share of face value of ₹5 each to the shareholders of the company, ICICI Securities said.

The company’s retail equities and allied revenue stood at ₹701 crore, marking a 39% year-on-year increase, within which equity revenue grew by 44% YoY to ₹270 crore and derivative revenue grew by 37% year-on-year to ₹137 crore.

Distribution income reached ₹176 crore, demonstrating a 13% YoY growth. Private Wealth Management revenue stood at ₹361 crore, up 37% year-on-year.

On the institutional side, Issuer Services and Advisory revenue escalated to ₹79 crore, reflecting a healthy 62% year-on-year increase while Institutional Equity & Allied Revenue reached ₹105 crore, a noteworthy increase of 147% year-on-year.

MF and other distribution revenue grew by 14% year-on-year and 27% year-on-year respectively, loans distributed for Q2 stood at ₹1,460 crore, up 66% year-on-year.

In the current quarter, ICICI Securities’ retail cash equity market share improved from 10.6% to 12.8% year-on-year. The company has continued to improve its market share in the commodity market segment from 5.5% to 7.8% YoY. Furthermore, ICICI Securities has maintained its leadership position in the MTF (Margin Trading Fund) segment with a 22% market share.

ICICI Securities added 2.24 lakh clients during the quarter, expanding its customer base to 95 lakh. The company also added 7,000 Private Wealth Management (PWM) clients, increasing its PWM client base to 91,000+.

As of September 30, 2023, ICICI Direct’s total client assets reached approximately 6.5 lakh crore, marking a significant 12% year-on-year increase. The PWM Assets Under Management (AUM) reached 3.7 lakh crore, reflecting a strong 20% growth.

The results came after the close of the market hours. Shares of ICICI Securities Ltd ended at ₹629.60, down by ₹1.20, or 0.19%, on the BSE.

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ICICI Securities delisting proposal may face resistance amid valuation concerns: Here’s a timeline of events

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Norway’s Norges Bank Investment Management and South India-based Portfolio Management Service (PMS) are likely to raise their voices in opposition to the proposed delisting of ICICI Securities, citing growing concerns over the company’s undervaluation, according to a Moneycontrol report. This development has thrown a spotlight on the ongoing saga surrounding one of India’s leading brokerage firms.

Here is a comprehensive timeline of events leading up to this critical juncture:

June 29, 2023: The delisting announcement

ICICI Securities announced its intention to delist and become a wholly-owned subsidiary of its parent company, ICICI Bank. Under this proposal, public shareholders of the broking firm would be allocated 67 equity shares of ICICI Bank for every 100 equity shares of ICICI Securities. This decision marks the end of ICICI Securities’ five-year run as a separately listed company.

At the time of the announcement, ICICI Securities’ stock price had been hovering just above its initial public offering (IPO) issue price of 520 rupees, igniting debates about the stock’s true value.

July 2023: ICICI Bank’s buyback plan details

ICICI Bank unveiled its strategy to acquire a 25.15 percent stake in ICICI Securities. The bank plans to achieve this by allotting 67 shares of its own stock for every 100 shares of ICICI Securities held by the public. This move, detailed in a regulatory filing, would effectively cancel out ICICI Securities’ shares, leading to full ownership by ICICI Bank.

Both ICICI Bank and ICICI Securities’ boards show unanimous approval of the proposal, emphasising the anticipated synergies resulting from this merger. However, several key approvals remain pending, including those from shareholders, creditors, the Reserve Bank of India, the National Company Law Tribunal, and various stock exchanges.

August 2023: Valuation concerns grow louder

As the proposal progresses, concerns over the valuation of ICICI Securities intensify. Shareholders, analysts, and market experts express doubts about the fairness of the deal, considering the low stock price relative to the company’s potential.

September 2023: Norges Bank and South India-based PMS enter the fray

Norway’s Norges Bank Investment Management’s Government Pension Fund Global, holding a significant 3.13 percent stake in ICICI Securities, is poised to vote against the delisting proposal. Simultaneously, South India-based Portfolio Management Service, which also commands approximately 3 percent of ICICI Securities, aligns itself against the delisting, according to the Moneycontrol report.

Despite holding shares on behalf of clients, the PMS retains the power of attorney to exercise voting rights,

These developments, as reported by Moneycontrol, indicate a growing clamour among investors and stakeholders who believe that ICICI Securities is undervalued and ripe for a re-rating.

Future outlook: Regulatory hurdles and investor sentiment

The fate of ICICI Securities’ delisting now hangs in the balance, with significant hurdles remaining on the regulatory front. Shareholders’ votes, regulatory approvals, and a thorough evaluation of the company’s valuation will shape the path forward.

ICICI Bank maintained that no additional capital infusion will be necessary, as ICICI Securities is viewed as a low capital-consuming business with ample internal resources for growth. As of March 31, 2023, ICICI Bank already holds 74.85 percent of ICICI Securities’ equity shares, with the remaining 25.15 percent owned by the public. The delisting proposal envisions both entities capitalising on synergies, aligning with ICICI Bank’s customer-centric strategy.

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ICICI Securities to turn 100% subsidiary of ICICI Bank upon delisting, share-swap ratio announced

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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ICICI Securities announced on June 29, 2023, that it will become a wholly owned subsidiary of its parent company, ICICI Bank. upon delisting.

According to a regulatory filing, the Board of Directors of ICICI Securities approved a draft scheme of arrangement for the delisting of equity shares. Notably, this is the first time in Indian corporate history that a company is delisting using a share swap arrangement in an exercise that does not include a merger of the company.

“…ICICI Bank will issue equity shares to the public shareholders of the Company in lieu of cancellation of their equity shares in the Company (“Scheme”), thereby making the Company a wholly owned subsidiary of ICICI Bank,” said ICICI Securities in its regulatory filing.

As per the proposal, the public shareholders of ICICI Securities will receive 67 equity shares of ICICI Bank, with a face value of Rs 2 each, for every 100 equity shares they hold in ICICI Securities.

“While there are business synergies between the bank and the company, a consolidation by way of the merger is not permissible on account of regulatory restrictions on the bank from undertaking securities broking business departmentally,” ICICI Securities said in the filing.

However, as a 100 percent subsidiary, both entities are expected to capitalise on synergies and align with the bank’s customer 360-degree focus.

The report from independent registered valuers, along with the fairness opinion from the merchant banker, determined that the public shareholders of ICICI Securities will be allotted 67 equity shares of ICICI Bank for every 100 equity shares of ICICI Securities they hold. The equity shares held by public shareholders of ICICI Securities will be cancelled, resulting in a reduced share capital of ICICI Securities accordingly.

Also read: ICICI Bank may consider ICICI Securities delisting via share swap: Exclusive

Purely as a matter of interest, at current prices the swap ratio seems to favour ICICI Securities’ shareholders. 100 shares of ICICI Securities would cost Rs 61,595, while 67 shares of ICICI Bank would be worth Rs 62,976.65; that’s a difference of Rs 1381.65.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

ICICI Bank may consider ICICI Securities delisting via share swap: Exclusive

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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ICICI Securities promoter ICICI Bank Ltd. may consider its delisting proposal through a share swap instead of a cash payout, people with knowledge of the matter told CNBC-TV18.

The delisting proposal will be considered pursuant to a scheme of arrangement with the bank.

ICICI Securities and ICICI Bank will hold board meetings on June 29 to consider the delisting proposal.

As of the March quarter, ICICI Bank held a 74.85 percent stake in its broking arm. 

Shares of ICICI Securities had listed in April 2018. The Rs 4,000 crore IPO had received a poor response as it was subscribed only 78 percent till during the three-day bidding process. When adjusted for the anchor allottment, the overall subscription rises to 87.9 percent.

The stock is now trading above its IPO price of Rs 520 but that’s after an 7 percent move it saw on Friday. Shares have risen for three days in a row, during which it has gained over 12 percent. Friday’s gains seen by the shares of ICICI Securities were the most in a single day in nearly a year.

35 percent of ICICI Securities’ March quarter revenue came from cash broking (20 percent) and derivative broking (15 percent). The derivative broking revenue grew to Rs 117 crore in the March quarter from Rs 856 crore during the same period last year. It now forms 44 percent of the total retail broking component, compared to 26 percent last year.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

ICICI Securities shares jump 15% ahead of board meeting to consider delisting proposal

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Broking firm ICICI Securities will be holding a board meeting on Thursday, June 29 to consider a proposal of delisting its equity shares. The company’s parent, private lender ICICI Bank Ltd. will hold a similar board meeting for this proposal, an exchange filing from both companies said.

As per the March quarter shareholding pattern, ICICI Bank as the promoter holds 74.85 percent stake in its broking subsidiary.

Shares of ICICI Securities had listed in April 2018. The Rs 4,000 crore IPO had received a poor response as it was subscribed only 78 percent till during the three-day bidding process. When adjusted for the anchor allottment, the overall subscription rises to 87.9 percent.

Although the QIB portion was fully subscribed during the IPO, the quota for retail and non-institutional investors remained undersubscribed. Post the undersubscription, the IPO size was cut to Rs 3,500 crore. Shares had listed at a discount of nearly 17 percent to the issue price of Rs 520.

Post the announcement, shares of ICICI Securities rose as much as 15 percent on Monday. The stock has risen for four days in a row, during which it has gained over 20 percent.

A voluntary delisting is a process by which an exit price is determinedthrough a reverse book building process. The floor price is then calculated in accordance with regulations and the shareholders have to make a bid at a price either or above the floor price.

If the exit price determined is acceptable to the promoter, they would pay that price to the shareholders for them to exit. Those investors who do not participate in the reverse book building process have an option to offer their shares for sale to the promoters, who are under an obligation to accept these shares at the same exit price. The facility is usually available for a period of at least one year from the date of closure of the delisting process.

35 percent of ICICI Securities’ March quarter revenue came from cash broking (20 percent) and derivative broking (15 percent). The derivative broking revenue grew to Rs 117 crore in the March quarter from Rs 856 crore during the same period last year. It now forms 44 percent of the total retail broking component, compared to 26 percent last year.

Shares of ICICI Securities are currently trading 12.7 percent higher at Rs 634.65.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

ICICI Securities shares decline after broking revenue underperforms peers

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of ICICI Securities declined more than 5 percent on Thursday after the firm reported a 7 percent quarter-on-quarter drop in net profit for the March quarter on lower margins.

The company reported a net prpfit of Rs 262 crore, down from Rs 282 crore during the December quarter. On a year-on-year basis, net profit declined by 23 percent.

Revenue for the quarter remained flat sequentially at Rs 885 crore. Margin fell 200 basis points to 30 percent from 32 percent.

Within segments, the broking and distribution revenue went up by 3.6 percent from the December quarter. However, the growth was slower than Angel One, whose Broking business revenue grew by 18 percent quarter-on-quarter. Segmental EBIT, however, declined by 3 percent from the previous quarter.

Issuer Service and Advisory segment’s revenue plunged 74 percent to Rs 13 crore from Rs 48 crore in the previous quarter. The segment’s EBIT was down 90 percent to Rs 2 crore as against Rs 21 crore in December.

The company also announced a final dividend of Rs 9.25 per equity share.

Analysts are divided over the financial performance of ICICI Securities as Citi maintained a ‘Sell’ call on the stock while Motilal Oswal Investment Services recommended a Buy rating.

Citi suggested a price target of Rs 440 per share, implying a 4 percent downside from Wednesday’s closing. It mentioned cost pressures on the company are monitorable amidst the market uncertainty and that its investments in business diversification remains high.

The company’s focus on diversifying its revenue profile is appreciable and traction in distribution and wealth are key silver linings, Citi said.

Motilal Oswal, however, sees a potential upside of 15 percent in the stock with a price target of Rs 530 as ICICI Securities is on the course of diversifying its revenue with the launch of new distribution products.

Shares of ICICI Securities are trading 3.5 percent lower at Rs 444.75.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

ICICI Securities net profit dragged lower by higher costs, client base up 25%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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[wealthdesk shortname=”ICICI Securitie” isinid=”INE763G01038″ bseid=”541179″ nseid=”ISEC” sector=”Miscellaneous” exchange=”nse”] ICICI Securities reported weak December quarter earnings on Thursday, as the consolidated net profit declined 26.6 percent year-on-year to Rs 279.1 crore from Rs 380.2 crore a year ago, and 6 percent sequentially, led by high operating expenses and finance costs.

The wealth-tech firm’s revenue dropped 6.7 percent YoY to Rs 878.8 crore from Rs 941.6 crore in the December quarter a year ago. However, the revenue increased by 2 percent quarter-on-quarter.

The decline in net profit and revenue was a result of a fall in cash volumes, muted capital market activities, an increase in finance costs, and continued investments toward technology as well as other franchise value-enhancing initiatives.

ICICI Securities’ EBITDA declined 10 percent to Rs 548 crore from Rs 608 crore in the year-ago period, while the EBITDA margin slipped to 62.3 percent from 64.6 percent in the same quarter last year.

ICICI Securities’ interest income increased by 31.4 percent to Rs 268.96 crore in the December quarter from Rs 204.66 crore in the year-ago period, majorly due to a rise in MTF funding book and fixed deposits.

The company’s operating expenses surged 24 percent to Rs 89 crore from Rs 72 crore year-on-year, and finance costs jumped 41 percent to Rs 153 crore from Rs 108 crore.

The income from services slid 16 percent to Rs 277.78 crore from Rs 330.57 crore in the year-ago quarter due to a reduction in issuer services and advisory fee income by 56.3 percent to Rs 48.29 crore.

The domestic brokerage’s total client base has expanded past the 87 lakh mark as of December 31, 2022, with 3 lakh additions in the December quarter.

Shares of ICICI Securities ended 0.12 percent lower at Rs 511.50 on Thursday.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

ICICI Securities expects GAIL’s gas trading and petchem business to remain under pressure

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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[wealthdesk shortname=”GAIL” isinid=”INE129A01019″ bseid=”532155″ nseid=”GAIL” sector=”Oil Drilling And Exploration” exchange=”nse”]

Brokerage firm ICICI Securities on Tuesday revised the price target for GAIL (India) Ltd. lower to Rs 127 apiece from Rs 137 earlier citing the challenging environment faced by the company’s gas trading and petrochemical businesses. However, it retained its ‘buy’ rating on the stock.

The brokerage made the revision after meeting GAIL’s senior management for an update on business and the outlook ahead.

It highlighted that GAIL has been struggling after Gazprom’s gas supply of 2.4 million tonnes per annum (MTPA) under a long-term LNG contract has been disrupted since May 2022. Notably, it has not been reinstated yet.

GAIL has tried to mitigate this shortfall of 8-9 mmscmd by cutting supplies to the fertilizer and power sectors while reducing utilization of its Pata petrochemical plant (in Uttar Pradesh) to less than 40 percent.

“Even then, some customer obligations of 1-1.5 mmscmd still need to be fulfilled,” the brokerage highlighted.

It added that going ahead additional volumes from Reliance Industries Ltd. (RIL) and Oil and Natural Gas Corp. Ltd (ONGC) should help GAIL in overcoming the shortfall. But, transmission volumes are expected to be impacted for the rest of the current and the first half of the upcoming financial year,

However, on the positive side, the brokerage firm also expects a material upside in transmission tariffs from next year due to an improved regulatory environment, which should augur well for GAIL.

Citing the Gazprom supply constraints, which may persist over the next 12 months, ICICI Securities cut GAIL’s EPS target for the current and upcoming financial year by 10 percent and 9 percent respectively to factor in lower trading margin, lower petchem and transmission volumes, which will be partially offset by higher transmission tariffs.

Shares of GAIL are trading 0.3 percent lower at Rs 97.31.

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3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Here’s why 2023 may not be a very exciting year for investors in India’s bluechip stocks

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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At the peak of the Russia-Ukraine war, oil prices shooting to multi-decade highs and the heavy correction seen in June, very few people would have thought of the Nifty 50 index hitting a record high towards the end of 2022, which it did. The index gained over 3,500 points from the lows in June to scale new records.

The recent surge has meant that the index has entered the “high optimism zone” as the benchmark’s one-year forward price-to-earnings multiple touches 20x. Price to earnings ratio, or the P/E ratio, essentially shows how much investors are willing to pay for each rupee of future profits. Right now, it’s twenty times and that’s considered a relatively expensive deal.

According to research by ICICI Securities, every time the Nifty has traded in the 20x-22x price-to-earnings multiple range over the last two decades, its maximum returns over the next 12 months have not exceeded 3 percent.

Timothy Moe, Chief Asia Pacific Strategist at Goldman Sachs believes that although India’s long-term strategic prospects are the best, if not among the best, 2023 will be a challenging year for investors looking for outsized profits.

Moe finds valuations in China and South Korea to be more compelling. China trades at 10 times forward earnings, with headroom for faster earnings growth as well. He expects the Chinese offshore stocks to give 15-20 percent returns even from current levels.

Foreign investors will find Korea and China to be more attractive compared to India as money typically moves from higher valuation to lower valuation, according to Gautam Trivedi of Napean Capital. He believes that another $5 billion of inflows or outflows will have a deep impact on the market.

However, this does not necessarily mean that the Nifty50 stocks are primed for a fall. Data from ICICI Securities reveals that over the last two decades, the Nifty 50 has given positive returns two out of three times.

There are two ways valuations can correct. Either, the price goes down or the earnings growth gathers pace. The Mumbai-based broking firm expects better earnings growth as input costs ease. For instance, Crude prices falling below the $85 per barrel mark bodes well for companies who rely on the black gold as their key input item.

Similar sentiments were echoed by Amisha Vora of Prabhudas Lilladher who told CNBC-TV18 that India will continue to see a positive market even in 2023 despite the current valuations. “I don’t see huge cuts but a rangebound market,” she said.

Also Read: Amisha Vora Speaks On Her Biggest Learnings From The Stock Market | Smart Money | CNBC-TV18

However, exporters may continue to have a tough time.

Market veteran Shankar Sharma expects the bulls to find a new gear going into the new year. “India is an expensive market but it doesn’t mean it will underperform,” he told CNBC-TV18.

“I don’t know by what metric they call it expensive and therefore India needs to underperform. (They) pick data points to suit that point of view irrespective of whether the data makes sense or not. My view is simply that 2023 is going to be even better than 2022,” he added.

Sharma expects strong returns from small cap stocks and companies that are regional market leaders for the products / services that they sell. Some of his top picks from the broader market include Rama Pipes, Kamdhenum and Sumit Woods.

Sharp falls and better rebounds and record highs, 2022 has seen it all. Over to 2023!

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Archean Chemical Industries IPO to hit market on November 9

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The initial public offering (IPO) of Archean Chemical Industries will open for public subscription on November 9 and remain open for bids till November 11. The chemical company aims to raise Rs 1,462.31 crore from the IPO. The company has fixed a price band of Rs 386 to Rs 407 per share for the IPO. Subscribers can make bids for a minimum of 36 shares and in multiples of 36 shares thereafter.

A marine chemical manufacturer, Archean Chemical produces and exports bromine, industrial salt, and sulphate of potash across the globe. In FY 2020-21, the company was the largest exporter of industrial salt in the country with exports of 2.7 million MT.

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The public issue will comprise the issuance of fresh equity shares worth Rs 805 crore and an offer for sale (OFS) in which existing promoters and shareholders will offload up to 1,61,50,00 equity shares. Promoter India Resurgence Fund II will offload 64.78 lakh shares through the OFS route, while Chemikas Speciality will offload 20 lakh shares. Investors India Resurgence Fund and Piramal Natural Resources are set to sell 38.35 lakh shares each in the IPO.

Shares are likely to be allotted on November 16. The public issue is expected to be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on November 21.

Link Intime India Private Ltd is the official registrar for the Archean Chemical public offer. IIFL Securities, ICICI Securities and JM Financial are managing the issue.

Ahead of Archean Chemical IPO, shares of the company were trading at a premium of Rs 70 in the grey market, Mint reported on November 4.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow