ICICI SECURITIES Q3 FY 24 Updates –
Revenues – 1323 vs 879 cr
EBITDA – 911 vs 549 cr
PAT – 466 vs 281 cr, up 66 pc !!!
Revenues breakup –
Retail Equity – 754 cr, up 50 pc
Distribution revenues – 174 cr, up 5 pc
Advisory services – 97 cr, up 102 pc
Institutional Equity – 90 cr, up 94 pc
Others – 206 cr, up 81 pc ( from investments and trading )
Breakdown of retail equity segment –
Cash broking – 37 pc vs 34 pc
Derivatives broking – 16 vs 20 pc ( grew by 22 pc )
Retail allied revenues – 47 vs 46 pc
MTF book @ 9900 cr vs 6300 cr YoY, MTF Mkt share @ 22 pc
Breakdown of distribution revenues –
MF distribution – 114 vs 100 cr
Life Insurance distribution – 7 vs 2 cr
Others – 53 vs 45 cr
Total wealth clients AUM – 3.2 lakh cr vs 1 lakh cr in Mar 19
Total loans disbursed via I-Sec platform @ 2170 vs 1000 cr ( YoY)
Market share –
Retail Equity – 13 pc
MTF – 22 pc
Retail Derivatives – 3.5 pc
Commodities – 7.5 pc
SGB – 9 pc
ETFs – 17 pc
SIPs – 3 pc
ICICI Bank – the parent intends to delist the company. To delist the company, it would require 66 majority vote of the minority shareholders – which is unlikely to play out – IMHO
The proposed swap ratio of 0.67 : 1 ( ICICI Bank shares : ICICI Sec shares ) is unlikely to find takers as the Mkt price of ICICI Sec is already far above the price for the proposed swap to materialise
I am betting on either the delisting not going through or ICICI BANK significantly revising the delisting offer – upwards
Disc: hold a small tracking position, not SEBI registered, biased
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