ICICI Securities slips in trade as Q3 nos fail to cheer investors

ICICI Securities registered a standalone profit of Rs 279.1 crore for the quarter ended December FY23, falling 26.6 percent compared to the corresponding period last fiscal.

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ICICI Securities share price corrected 1 percent on January 19 after its quarterly earnings disappointed the Street on all fronts.

The stock fell nearly 3 percent intraday but recovered as the day progressed. It was quoting at Rs 507.80, down 0.86 percent at the time of writing this article.

ICICI Securities registered a standalone profit of Rs 279.1 crore for the quarter ended December FY23 (Q3FY23), falling 26.6 percent compared to the corresponding period last fiscal.

The company attributed the fall in profit to a decline in cash volumes, muted capital market activities, an increase in finance cost and continued investments towards technology and other franchise value-enhancing initiatives.

Standalone revenue for the quarter declined 6.7 percent year-on-year to Rs 878.8 crore with lower business in issuer services & advisory as well as broking & distribution compared to the year-ago period.

Issuer services and advisory business revenue stood at Rs 48 crore in Q3FY23, down 56 percent YoY due to a reduction in the number of capital market deals, ICICI Securities said.

The company has a strong IPO pipeline of an amount over Rs 41,100 crore across 21 deals, with 16 deals where the amount is yet to be decided. If the market remains conducive, these deals could be executed quickly as most of these are in the ready-to-launch stage, the company said.

At the operational level, the company reported a 10 percent year-on-year decline in EBITDA (earnings before interest, tax, depreciation and amortisation) at Rs 548 crore for the December FY23 quarter.

The operating profit margin also dropped to 62.3 percent for the quarter, down from 64.6 percent in the same period last fiscal.

The total client assets on the platform during the quarter touched Rs 6 lakh crore, out of which Rs 3.2 lakh crore pertains to its 76,000 plus private wealth customers, comprising HNIs, U-HNIs, and Family Offices, the wealth-tech firm said in its BSE filing.

It has a client base of more than 87 lakh, growing 25 percent annually.

ICICI Securities said it has retained retail equity market share at 10.5 percent but showed a 157 bps YoY increase in commodity market share to 5.6 percent at the end of December FY23.

Tech view

The stock has formed a bearish candlestick pattern on the daily charts with a long lower shadow indicating there has been support-based buying in the scrip, with above-average volumes. It has taken support at the upward-sloping support trend line, adjoining multiple touchpoints on December 23, 2022, January 4, January 12 and January 13, 2023.

Overall, the stock has been consolidating within a particular range for around a month now, after falling 16 percent a month before the current consolidation. It was trying hard to take support at 50 DEMA (day exponential moving average placed around Rs 510), but trading below 100 DEMA and 200 DEMA.