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Motilal Oswal Report
Q1 FY22 was another robust quarter for ICICI Securities Ltd., following an overall strong FY21.
Profit after tax was up 58% YoY to Rs 3.04 billion (33% beat), driven by 36% growth in revenue (18% beat).
Cost-to-income ratio inched up ~430 basis point sequentially to 45%, led by a 42% rise in employee costs.
In our view, variable expenses were front loaded during Q1 FY22.
Employee cost-to-total income stood ~20% versus ~23% in FY21 and 29-32% over FY18-20.
ICICI Securities' strong momentum in the capital market, coupled with a healthy deal pipeline in investment banking, has led us to raise our FY22E/FY23E earnings per share estimate by ~19%/25%.
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