ICICI Securities Ltd's financial statements analysis:
1. Profit & Loss Statement
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![profit & loss analysis of icici securities for last 5 years](https://blog.pawealth.in/wp-content/uploads/2020/02/ISEC-Profit-Loss-1.png)
2. Balance Sheet
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![Balance Sheet analysis of icici securities for last 3 years.](https://blog.pawealth.in/wp-content/uploads/2020/02/ISEC-Balance-Sheet.png)
3. Cash Flow Analysis
Strong income from operations denotes longevity.
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![cash flow analysis of icici securities for last 5 years](https://blog.pawealth.in/wp-content/uploads/2020/02/ICICI-cash-flow-analysis.png)
4. Earning Quality - Net Profit vs Operating Cash
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![net profit comparison of icici securities with operating cash for last 5 years](https://blog.pawealth.in/wp-content/uploads/2020/02/ICICI-Earning-quality.png)
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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![Dec 19 quarter performance of icici securities YOY variance](https://blog.pawealth.in/wp-content/uploads/2020/02/ISEC-Quarter-performance.png)
11. Segment Wise Performance
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![segment wise performance of icici securities FY20](https://blog.pawealth.in/wp-content/uploads/2020/02/ISEC-segment-performance-1.png)
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Disclaimer: The report only represents personal opinions and views of the author. No part of the report should be considered as recommendation for buying/selling any stock. The report & references mentioned are only for the information of the readers about the industry/company stated.