BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Q1 FY22 was another robust quarter for ICICI Securities Ltd., following an overall strong FY21.
Profit after tax was up 58% YoY to Rs 3.04 billion (33% beat), driven by 36% growth in revenue (18% beat).
Cost-to-income ratio inched up ~430 basis point sequentially to 45%, led by a 42% rise in employee costs.
In our view, variable expenses were front loaded during Q1 FY22.
Employee cost-to-total income stood ~20% versus ~23% in FY21 and 29-32% over FY18-20.
ICICI Securities' strong momentum in the capital market, coupled with a healthy deal pipeline in investment banking, has led us to raise our FY22E/FY23E earnings per share estimate by ~19%/25%.
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