ICICI Securities Q3 Results Review - Soft Quarter; Broking Business Headwinds To Persist: Axis Securities

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Axis Securities Report

ICICI Securities Ltd.'s Q3 FY23 was mixed bag in terms on certain key performance metrics – market share in terms of derivatives average daily turn over, capital market volumes, gross flows in equity markets continuing their improvement trend, whereas NSE active clients, new demat account additions, cash market volumes and debt mutual fund gross flows remained impacted.

Despite sectoral headwinds, ICICI Securities managed to retain market share in retail cash market segment at 10.5% and retail derivative segment market share improved to 3.8% versus 3.7% QoQ.

Primarily owing to moderation in cash market ADTO, broking revenues de-grew by 20/5% YoY/QoQ. Total revenues de-grew by 7% YoY and remained flattish QoQ, supported by marginally higher distribution income.

Opex ratios remained elevated owing to weak top-line growth. Cost-to-income ratio stood at 57.1% versus 45.9/53.4% YoY/QoQ. Profit after tax de-grew by 26/7% YoY/QoQ.

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