Moneycontrol PRO

Buy ICICI Securities; target of Rs 915: Motilal Oswal

Motilal Oswal is bullish on ICICI Securities recommended buy rating on the stock with a target price of Rs 915 in its research report dated July 21, 2021.

August 06, 2021 / 01:49 PM IST

Motilal Oswal's research report on

1QFY22 was another robust quarter for ISEC, following an overall strong FY21. PAT was up 58% YoY to INR3.04b (33% beat), driven by 36% growth in revenue (18% beat). C/I ratio inched up ~430bp sequentially to 45%, led by a 42% rise in employee costs. In our view, variable expenses were front loaded during 1QFY22. Employee cost-to-total income stood ~20% v/s ~23% in FY21 and 29-32% over FY18-20. Strong momentum in the capital market, coupled with a healthy deal pipeline in Investment Banking, has led us to raise our FY22E/FY23E EPS estimate by ~19%/25%. Operating leverage remains huge in this business. We maintain our Buy rating with a TP of INR915/share (21x FY23E EPS).


We raise our FY22E/FY23E EPS estimate by ~19%/ 25% to factor in strong revenue traction across the board. We maintain our Buy rating with a TP of INR915 per share (21x FY23E EPS).

For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

Broker Research
first published: Jul 22, 2021 03:32 pm
ISO 27001 - BSI Assurance Mark