Buy ICICI Securities, target price Rs 890: IIFL

IIFL has buy call on ICICI Securities with a target price of Rs 890. The current market price of ICICI Securities Ltd. is Rs 786.05.

Time period given by analyst is one year when ICICI Securities Ltd. price can reach defined target.

ICICI Securities Ltd., incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 24577.65 Crore) operating in Financial Services sector.


ICICI Securities Ltd. key Products/Revenue Segments include Income From Brokerage & Commission, Other Services, Interest, Income From Sale Of Share & Securities, Dividend for the year ending 31-Mar-2021.

Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 747.70 Crore, up 1.13 % from last quarter Total Income of Rs 739.34 Crore and up 36.84 % from last year same quarter Total Income of Rs 546.40 Crore. Company reported net profit after tax of Rs 310.72 Crore in latest quarter.

Investment Rationale
Over FY19-21, ISEC took several initiatives on sourcing, product innovation, customer engagement and making the cost structure leaner which are yielding strong results. With right strategies and strong tailwinds in capital markets, ISEC should deliver RoE of 45-53% over FY22-24ii.

Promoter/FII Holdings
Promoters held 74.9 per cent stake in the company as of March 31, 2021, while FIIs held 5.7 per cent, DIIs 7.3 per cent and public and others 12.1 per cent.