ICICI Securities Ltd’s financial statements analysis:
1. Profit & Loss Statement
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2. Balance Sheet
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3. Cash Flow Analysis
Strong income from operations denotes longevity.
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4. Earning Quality – Net Profit vs Operating Cash
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5. Performance Ratios
| ISEC Performance Ratios | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
| ROA (%) | 9.84 | 15.7 | 15.8 | 17.7 | 16.76 | 6.06 |
| ROE (%) | 53.35 | 84.27 | 76.79 | 63.17 | 74.87 | 26 |
| ROCE (%) | 53.1 | 74.87 | 75.92 | 69.2 | 71.99 | 25.85 |
| Debtors Turnover(x) | 4.34 | 3.65 | 2.8 | 4.83 | 3.4 | 2.55 |
6. Efficiency Ratios
| ISEC Efficiency Ratios | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
| Receivable days | 84.17 | 100.12 | 130.23 | 75.56 | 107.37 | 142.88 |
| Inventory Days | 31.49 | 6.78 | 22.41 | 28.44 | 9.28 | 7.38 |
| Payable days | 664.99 | 325.86 | 362.81 | 322.33 | 382.75 | 337.75 |
7. Growth Ratios
| ISEC Growth Ratios | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
| 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 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
| Total Debt/Equity(x) | 0.45 | 0.83 | 0.82 | 0.44 | 0.64 | 1.06 |
| Current Ratio(x) | 1.19 | 1.24 | 1.19 | 1.25 | 1.21 | 1.06 |
| Quick Ratio(x) | 1.12 | 1.22 | 1.17 | 1.1 | 1.18 | 1.03 |
| Interest Cover(x) | 18.99 | 18.26 | 19.28 | 15.63 | 14.06 | 6.2 |
9. Valuation Ratios
| ISEC Valuation Ratios | FY19 |
| Trailing PE – Dec 19 | 31.67 |
| 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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11. Segment Wise Performance
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