ICICI Securities Q4 Review - Strong Customer Acquisition; Distribution Segment Healthy: Motilal Oswal
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Motilal Oswal Report
Q4 FY21 was another robust quarter in an overall strong year for ICICI Securities Ltd.
Profit after tax more than doubled year-on-year to Rs 3.3 billion (45% beat), driven by 54% growth in revenue, coupled with significantly lower cost-to-income ratio.
In FY21, the company delivered 50%/97% revenue/profit after tax growth.
We increase our FY22E/FY23E earnings per share estimate by approximately 10% to factor in healthy brokerage revenue.
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