Submission Details
• Date of Submission: January 19, 2024
• Recipient: National Stock Exchange of India and BSE Limited
• Content: Transcript of earnings call discussing financial performance for the quarter and nine months ending December 31, 2023
• Signed by: Rupesh Jadhav, Chief Manager
Key Highlights from the Earnings Call
• Leadership: Led by Managing Director Vijay Chandok
• Retail Equity ADTO:
• 9% sequential increase
• 44% growth in December
• Retail Derivative ADTO:
• 10% sequential increase
• 23% increase in December
• Client Additions:
• Decreased by 5% sequentially
• Increased by 62% year-over-year
• Revenue Growth: Attributed to cash equity brokerage and advisory services
• Expense Increase: Due to investments in distribution and technology
• Outlook: Cautious short-term due to global uncertainties; optimistic medium to long-term
Business Performance and Strategy
• Options Premium: Year-over-year increase of approximately 50 basis points
• Life Insurance Distribution: Focus on risk management and retirement solutions
• Derivatives Brokerage Revenue: Sequential decline due to yield migration and fewer trading days
• Customer Trading: Record unique customer trading numbers and robust order flow
Delisting Discussion
• Reason for Delisting: Leverage synergies between ICICI Securities and ICICI Bank
• Stakeholder Concerns: Skepticism about synergies and necessity of delisting
• Management's View: Merger would create a stable business model and enhance shareholder value
Technology and Market Position
• Synergies from Banking Parentage: Improved liquidity and technology investments
• Market Sentiment: Skeptical; shareholders prefer market-determined pricing
• Derivative Market Share: Recent decline explained by data reporting nuances
• Mintr Project Update: Development complete but delayed due to external changes
Q&A Highlights
• Mintr Project Delays: Strategic shift to integrate technology into ICICIdirect brand
• Cautious Outlook: Response to market conditions, not directly related to delisting
• Client Acquisition Strategy: Focus on quality over quantity leading to improved metrics
Conclusion
• Engagement: Participants thanked for their involvement; encouraged to reach out for follow-up questions.

Submission Details
• Date of Submission: October 19, 2023
• Recipient: National Stock Exchange of India and BSE Limited
• Content: Transcript of earnings call discussing financial performance for Q2 FY24.
Key Highlights from the Earnings Call
• Participants: Key executives including CEO, CFO, and department heads.
• CEO's Opening Remarks:
• Apologized for the delay due to an extended Board Meeting.
• Noted positive industry performance with growth in retail equity and derivatives.
Financial Performance
• Q2 FY24 Results:
• Revenue: Rs. 1,250 crores (44% YoY increase).
• Profit After Tax: Rs. 424 crores (41% YoY increase).
• Dividend: Interim dividend increased to Rs. 12 per share from Rs. 9.75.
Business Segment Insights
• Revenue Growth: Across all segments; improved market share in cash equity, retail derivatives, and commodities.
• Client Assets: Growth indicating strong client trust.
• Market Outlook: Cautioned about potential short-term volatility due to geopolitical factors and elections.
Business Strategy and Focus
• Life Insurance Distribution: Shift towards life stage-based needs; focus on protection and retirement planning.
• Revenue Diversification: Prioritizing mutual funds, equities, and personal loans.
Responses to Analyst Inquiries
• Retail Derivative Revenue: Primarily from equity derivatives.
• Commodity Derivatives: Increased trading volumes in crude oil and natural gas.
• Competition: Adapting to zero brokerage fee products; increased market share in revenue-generating parameters.
• Interest Rate Pass-Through: 60% passed on to MTF book.
• Institutional Brokerage Growth: Attributed to improved market volume and increased market share.
Concerns Raised
• Delisting Process: Issues regarding price discovery and swap ratio; management reiterated adherence to regulatory guidelines.
• Employee Costs: Cost-to-net income ratio at 42% due to investments in technology and distribution.
• Dividend Policy: Aimed for sustainability; current payout reflects 55% of profits after tax.
Conclusion
• Investor Engagement: CEO thanked participants and encouraged follow-up questions, emphasizing commitment to addressing investor concerns.

Communication Details
• Date: July 26, 2023
• Earnings Call Date: July 21, 2023
• Key Executives: Vijay Chandok (MD & CEO), Rupesh Jadhav (Chief Manager)
• Transcript Availability: On the company's website
Financial Performance Highlights
• Revenue Growth: 18% year-on-year, reaching ₹934 crores
• Profit After Tax: Increased by 3% to ₹270 crores
• Customer Assets: Total AUM rose by 17% year-on-year to ₹6.2 trillion
• Cost Increase: 33% year-on-year, mainly due to employee expenses and technology investments
Industry Insights
• Positive industry environment with growth in retail cash equity and derivatives ADTOs (up 12% and 14% sequentially)
• Confidence in medium- and short-term growth outlook
Key Discussion Points
• Employee Costs: Amortized over four quarters; stability expected due to prior headcount increases
• Margin Trade Finance: Only 36-40% of cost increases passed on; stabilization anticipated
• Life Insurance Yields: Increased due to favorable business mix and higher commissions
• Mutual Fund Market Share: Maintained AUM but no significant improvement in SIP market share due to competition
Concerns Addressed
• MTF Book Stagnation: Viewed as a service; recent uptick in customer activity noted
• Employee Cost Increases: Split between new hires and annual increments; total headcount up by 7%
• New Initiatives: Mintr platform soft-launched targeting younger audiences
Regulatory Impact
• Insurance Policy Circulars: Health insurance players raised commissions; life insurance companies adjusting
• Long-term Cost Pressures: Cost-to-income ratio increased due to strategic investments; aim to stabilize costs
Wealth Management Strategy
• 90% of wealth clients sourced internally; stable sourcing ratio expected
Macroeconomic Factors
• Increased margins and F&O trading attractiveness affecting cash market activity
• New products like stock baskets attracting interest but not significantly impacting trading volumes
Investment Banking Division
• ICICI Securities' historical leadership in IPOs; strong market position in BFSI, infrastructure, and fintech sectors
• Confidence in consistent business growth driven by capital supply and entrepreneurial activity in India
Conclusion
• Vijay Chandok expressed optimism about future growth and thanked participants, offering support through the investor relations team.

Submission Details
• Date of Submission: April 25, 2023
• Recipient: National Stock Exchange of India and BSE Limited
• Content: Transcript of earnings call discussing Q4 and FY'23 financial performance
Financial Performance Highlights
• Mixed Results: Influenced by global interest rate hikes and geopolitical issues
• Revenue:
• Q4 revenue: ₹885 crores (flat)
• Full-year revenue: ₹3,430 crores (stable)
• PAT: ₹263 crores (decreased due to one-time costs)
• AUM: Reached ₹5.9 trillion
• Dividend: Final dividend of ₹9.25 per share, total annual dividend approximately ₹19
Key Growth Areas
• Segments: Wealth management, derivatives, loan distribution, insurance
• Revenue Growth: Notable increases in all key segments
• Diversification: Reduced reliance on cash equity broking from over 50% to 20%
Management Insights
• Market Share: Steady growth across segments despite challenges
• Client Acquisition: Focus on high-value customers; stable marketing expenses
• Insurance Segment: Life insurance dominates; general insurance is growing
• Loan Distribution: 65% of loans are mortgages; expected yield improvements
Employee and Operational Costs
• Employee Expenses: Anticipated 5-10% increase due to investments
• Interest Rate Impact: Stabilizing costs with potential for improved net interest margins (NIMs)
Q&A Session Highlights
• Market Share Concerns: Addressed decline in derivatives market share due to outages
• MTF Book Risks: Increased from ₹4,500 crores to ₹6,400 crores; customer satisfaction noted
• Investment Costs: Expected to remain high; declining cross-sell ratio explained
• Wealth Management Strategy: Focus on high-net-worth individuals and data analytics for client acquisition
Conclusion
• Future Outlook: Confidence in long-term goals and strategic investments for growth
• Invitation for Questions: Management open to further inquiries post-call

Earnings Call Overview
• Date of Submission: January 27, 2023
• Key Executives Present:
• Vijay Chandok (Managing Director and CEO)
• Other senior management members
• Focus: Financial performance for the quarter and nine months ending December 31, 2022
Financial Performance Highlights
• Q3 Performance:
• Revenues: Rs. 880 crores (2% increase sequentially, 7% decrease year-over-year)
• Profit After Tax: Decreased by 6% sequentially and 26% year-over-year
• Key Factors:
• 24% decline in retail cash ADTO
• Rising finance costs
Strategic Focus Areas
• Key Focus Areas:
• Improving market share
• Diversifying revenue streams
• Enhancing cost efficiencies
• Building future-ready product propositions
• Growth Segments:
• Wealth management: 15% year-over-year growth
• Retail derivative market share gains
Future Plans
• Business Focus:
• Wealth management, derivatives, insurance, and loans
• Leveraging personalization and analytics
• Wealth Management Growth:
• Assets: Rs. 3.2 trillion
• Client base: 76,000 high-net-worth individuals
Customer Acquisition and Market Strategy
• Customer Acquisition:
• Focus on higher-quality customers through digital channels
• Non-ICICI channels still targeted
• Market Sentiment:
• Decline in cash volumes and new Demat accounts
• Emphasis on quality over quantity in customer acquisition
Q&A Session Insights
• Customer Trends:
• Decline in Neo customers attributed to market sentiment
• Margin Trade Funding (MTF) growth is strategically important
• Technology Investments:
• Planned CAPEX of Rs. 100 crores for FY24
• Focus on modernization and customer engagement
Revenue Breakdown
• Revenue Contributions:
• Derivative broking: 37% of total revenue
• Cash broking: 63% of total revenue
• Customer Segments:
• Neo customers: 28% of derivative revenue
• Prime customers: 66-67% of total retail revenue
Conclusion
• Management Outlook:
• Optimistic about growth prospects
• Strategic investments in key areas to drive future growth
• Engagement: Management expressed appreciation for participant engagement and willingness to provide further information.