Business

Presentation

December 2019
Safe harbor
Except for the historical information contained herein, statements in this release which contain words or
phrases such as 'will', ‘would’, ‘indicating’, ‘expected to’, etc., and similar expressions or variations of such
expressions may constitute 'forward-looking statements'. These forward-looking statements involve a
number of risks, uncertainties and other factors that could cause actual results, opportunities and growth
potential to differ materially from those suggested by the forward-looking statements. These risks and
uncertainties include, but are not limited to, the actual growth in demand for broking and other financial
products and services in the countries that we operate or where a material number of our customers reside,
our ability to successfully implement our strategy, including our use of the Internet and other technology, our
growth and expansion in domestic and overseas markets, technological changes, our ability to market new
products, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or
become a party to, the future impact of new accounting standards, our ability to implement our dividend
policy, the impact of changes in broking regulations and other regulatory changes in India and other
jurisdictions as well as other risk detailed in the reports filed by ICICI Bank Limited, our holding company with
United States Securities and Exchange Commission . ICICI Bank and ICICI Securities Limited undertake no
obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

This release does not constitute an offer of securities.

2
Agenda

• ICICI Securities at a glance

• Industry overview & Strategy

• Financial Results
I-Sec: A Strategic Component of the ICICI Ecosystem
Part of ICICI Group, one of India’s largest financial conglomerates

Incorporated in 1995, as JV between ICICI Bank and JP Morgan

Promoted by ICICI Bank (79.2% holding)

• ICICI Bank is a leading private sector bank in India
• Consolidated total assets of `12.9 trillion as at Sept 30, 2019
• Listed on BSE & NSE in India & its ADRs are listed on the NYSE
• ICICI Bank is also engaged in insurance, asset management, securities
business and private equity fund management through specialized
subsidiaries

Sole equity securities arm of the ICICI Group

4
ICICI Securities has built an enviable franchise over the years
Retail Equities • Largest online equity franchise: 4.6 mn clients

Distribution • 2nd largest non - bank mutual fund distributor1

Wealth • Wealth management business AUA2 of over ` 800 bn3; amongst leading
Management wealth franchises

Corporate • Leading investment bank in equity capital market; #1 in IPO league table4
Finance • Active across range of advisory transactions

Institutional
• Scaled up revenue 3 times in last 5 years; well positioned to grow further
Equities

Sticky franchise: Over 65% revenue5 contribution by customers who have been with us for
more than 5 years, consistently for the last 5 years
1. Source: AMFI (MF commission) period FY2019
2. AUA: Assets under administration (including demat held with ICICI bank)
3. Clients having assessed profile and minimum assets of 75 lacs with us (equity assets are maintained in Demat with ICICI Bank)
4. IPO, FPO, InvIT, REIT period H1-2020, Source: Prime database
5. Only retail broking revenue considered 5
Governance Structure

1. Board of Directors
comprises four
Independent
Directors, two non-
Audit Committee 2 executive directors
and two executive
Risk Management Committee (RMC) 3 directors

Board of Directors1 Nomination & Remuneration Committee 3 2. Audit Committee is

chaired by an
Stakeholders Relationship Committee 3 Independent Director
and the other
members of the
Corporate Social Responsibility Committee 3 Committee are non-
executive Directors
IT Risk and Information/Cyber Security Committee including two
Independent Directors

3. Chaired by an
Independent Director

Chairman of the board is an independent non-executive director

6
Governance
Director Profile
Mr. Vinod Kumar Dhall, Chairman (Independent Director)
He is an Independent Director and Chairman of the Board of Directors of our Company. He was in the Indian
Administrative Service (IAS) where he worked at very high levels in government, at policy as well as executive
Levels. He is on the Board of Directors of a number of leading companies, and is/has been a member of various juries for
awards in areas like corporate social responsibility and corporate governance.
He has been a Director on our Board since October 28, 2014.

Mr. Ashvin Parekh, Independent Director

He is a member of the Institute of ICAI. He is currently a director on the board of ICICI Lombard General Insurance Company
Limited and ICICI Securities Primary Dealership Limited and a designated partner of Ashvin Parekh Advisory Services LLP.
He has been a Director on our Board since August 25, 2016.

Mr. Subrata Mukherji, Independent Director

He was the Executive Director of ICICI Limited from 2001 to 2002. Post merger, he was the Executive Director of ICICI Bank
Limited from 2002 to 2004. He has been the Managing Director and Chief Executive Officer of ICICI Securities Limited from
2004 to 2007. The name of ICICI Securities Limited was changed to ICICI Securities Primary Dealership Limited in 2007. He
was the Chairman of the Board of Directors of ICICI Securities Primary Dealership Limited from August 2007 to May 2009
and the Managing Director and Chief Executive Officer of our Company from August 2007 to January 2009. He has also
worked with ICICI Foundation for Inclusive Growth as Co-President from September 2010 to March 2011 and as President
from April 2011 to July 2014. He has been a Director on our Board since November 29, 2017.

7
Governance
Director Profile
Ms. Vijayalakshmi Iyer, Independent Director
She holds a post-graduation degree in Commerce and Economics from University of Mumbai, Fellowship of CAIIB of Indian
Institute of Banking and Finance. She has previously served as an Executive Director of Central Bank of India and the
Chairperson and Managing Director of Bank of India. She was also a Whole Time Member (Finance and Investment) in the
IRDA I. She has been a Director on our Board since November 29, 2017.

Mr. Anup Bagchi, Additional Director (Non-Executive Director)

He is an Executive Director on the Board of ICICI Bank Limited since February 1, 2017. Prior to this, Mr. Bagchi was the
Managing Director & CEO of ICICI Securities Limited. Under his leadership, ICICI Securities Limited won several prestigious
awards in the financial services space. He is a member of RBI’s Expert Committee on Micro, Small & Medium Enterprises
and of SEBI’s Committee on Financial and Regulatory Technologies (CFRT) among others.

Mr. Pramod Rao, Additional Director (Non-Executive Director)

He joined ICICI Bank Limited as its Group General Counsel on August 16, 2018 and oversees the legal function for the ICICI
group. Mr. Rao is also a member of the Board of Directors of ICICI Prudential Trust Limited and ICICI Trusteeship Services
Limited. He also serves as a member of the Legal & Banking Operations Committee of Indian Banks’ Association (lBA) and of
the National Committee for Regulatory Affairs constituted by the Confederation of Indian Industry (CII). He has been a
Director on our Board since October 11, 2018.

8
Risk management framework
Risk Governance Structure Key risks & management framework
Objective of risk management framework Market risk and implied market risk
• to ensure risks are identified, measured, • Corporate Risk and Investment Policy (CRIP) stipulates
mitigated product parameters, margins and other risk limits
• policies, procedures and standards are Credit risk
established to address these risks • Receivables primarily from clearing organisation;
• systematic response in case of crystallisation of client receivables backed by collateral
risks • CRIP stipulates limits for treasury investments / FDs
Board oversees risk management & has constituted Liquidity risk
Risk Management Committee which frames/reviews • Liquidity risk management policy lays down
risk management policies and controls framework including monitoring of asset liability gaps
Three lines of defence: Operational risk
• First line: operational departments • Policies formulated to address operational,
outsourcing, fraud and business continuity risk
• Second line: specialised departments
(risk/compliance) Information Technology (IT) /Cyber security risk
• Third line: Internal/external audit • IT Risk Management Policy, Cyber Security and Cyber
Resilience Policy and Information Security
Management Policy lay down framework for
managing IT and cyber risk
9
Experienced Senior Management Team

Vijay Chandok Yagnesh Parikh 34+

26+
Managing Director & Chief Executive Chief Technology Officer
Officer

Ripujit Chaudhuri
Ajay Saraf 26+ 27+
Executive Vice President
Executive Director
Risk & Compliance & Special Projects

Vishal Gulechha Kedar Deshpande

28+ 23+
Executive Vice President Executive Vice President
Equity Product Group, Online Advisory Retail Distribution, Product & Services
Group & Channel Sales Group

Anupam Guha
Harvinder Jaspal 17+
Executive Vice President 19+
Chief Financial Officer
PWM & Equity Advisory Group

[]
Number of years of experience 10
Strong financial performance over the years
High Free Cash Flow generating business model with operating leverage

Revenue PAT Dividend*

17,270 3,028
4,907

8,123

908 400

FY-14 FY-19 FY-14 FY-19 FY-14 FY-19

ROE consistently above 50% for the last 5 years

*Dividend ex Dividend distribution tax 11
Large growing franchise
Operational accounts and active clients growth of 12% CAGR

Operational accounts (mn) Active clients (mn)

1.3
4.4

2.5 0.7

FY-14 FY-19 FY-14 FY-19

Includes only retail clients

12
ICICI Securities Today
Growing client base and engagement
Operational accounts,
4.6 mn1
• 4.6 million strong base of operational
accounts; up by 9% YoY

Ever traded,
• 1.3 million overall active clients, increased by 2.8 mn2
5% YoY
Overall Active
• 0.9 million NSE active clients, increased by 1.3 mn3

7% YoY
NSE Active,
0.9 mn4

1. Operational accounts is the total client base with the company

2. Ever traded are the clients who have transacted at least once on our platform
3. Overall active clients are the clients who have transacted at least once during trailing 12 months across all product categories
4. NSE active client base are the clients who have traded at least once during trailing 12 months
Period: Q2-FY2020 vs Q2-FY2019 13
Leading Equity Franchise
Retail Amongst the
Focused Pioneers in Institutional
Technology E-Brokerage equities
Platform: Business in
ICICIdirect India

 3-in-1 account, integrates

 Over 92% Mutual fund  Significant India coverage
trading account with
transactions performed supplemented by Asia
savings bank and demat
online Pacific and USA
accounts held with ICICI
 Over 95% Equity  Research coverage of 249
Bank
transactions performed Indian stocks by 37
 Providing seamless
online member research team
experience
 Growing Direct market
 3-tier disaster recovery
access business
system
 Leading procurement in
 Fully integrated risk
IPOs, QIPs, OFSs and Block
system, real-time tracking
deals
of trigger prices

14
Strong pan India distribution
Distribution network
 Presence in over 75+ cities with ~187 branches
 1,300+ relationship managers and product specialists
 Wealth management solutions for HNIs/Family offices,
300+ member team
 Over 700+ cities/towns with 8,000+ sub-brokers,
authorized persons, IFAs and IAs
 Significant presence in the Tier-II and Tier-III cities
Lifecycle needs of the customer
Investment needs: Mutual Funds, IPOs, OFS, public
bond offerings, 3rd party corporate fixed deposits,
National Pension System
• Mutual Fund: Open-source model, distribute
2,500+ mutual funds, 2nd largest non-bank
distributor
• Portfolio management services, Alternate
investment funds
Protection needs: Life /General Insurance
Loan requirements: Digital distribution of loans
15
Market share
Growing market share across categories

Equity & Derivative

MF AuM & Revenue market share (%)
market share (%)
FY14 FY19 FY 14 FY 19

8.6 8.5
7.5 7.7
4.0
2.9

4.1 4.5
1.9
1.1

Equity Derivative Blended MF AuM MF Revenue

Source: AMFI, SEBI

Equity & derivative market share is the share of Average Daily Turnover, MF market share including equity & debt 16
Leading Investment Bank in India

01
Equity Capital Markets
 Ranked 1st in IPO1 league table by value
 Managed 200+ ECM transactions in the last 10 years

02
Financial Advisory Services
 Rank 1st amongst domestic financial advisors by number of
deals in merger market table
 Advised over 70 M&A transactions
03
Strengths
 Sector expertise
 Corporate relationships
 Strong distribution franchise

1. IPO:IPO/FPO/InvIT/REIT
Source: Prime Database, Merger market , SEBI 17
Equity Capital Markets
Strong position in equity capital market (ECM)

IPOs market share ECM market share Advisory market share

(amount raised) (amount raised) (amount raised)
38%
41%
7%

30%

4%

0%

FY-14 FY-19 FY-14 FY-19 FY-14 FY-19

Source Prime database, Venture intelligence

ECM: IPO/FPO/InvIT/REIT, QIP/IPP, Rights issue, Offer for sale 18
Agenda

• ICICI Securities at a glance

• Industry overview & Strategy

• Financial Results
Macro economic trends
₹

Widespread Financialisation Increase in Debt driven Indians making

affluence of savings digital consumption global imprints
growth

Share of affluent Growing ecosystems Internet users in India Fueled by urban elite Growing global
rising • MF AUM in 2018 • Consumer spending remittances
• 16% in 2025 (8% in • ₹ 27 tn (Nov-19) • 566.0 mn users to quadruple (3.6x – • Inward- USD 78.80
2016) • 38% penetration 2010 to 2020) bn (CY2018)
• SIP monthly collection • Outward- USD
Digital India –
• ₹ 82.46 bn (Oct-19) 13.78 bn (FY2019)
“Aadhaar” initiatives

Sources:
-Affluence Data: BCG CCI Proprietary Income & BCG Analysis
-Consumption Trends - Euromonitor, National Sample Survey Office; BCG Proprietary Research with 6,300 Consumers, BCG Analysis
-Digital Trend : Kantar IMRB ICUBE Report 2018
-NPS Trust Official Site - http://www.npstrust.org.in/assets-under-management-and-subsribers
-Inward remittance – World Bank report on Personal Remittances - https://data.worldbank.org/indicator/BX.TRF.PWKR.CD.DT?locations=IN 20
-LRS- RBI report on Outward remittance under LRS for resident Individuals- https://www.rbi.org.in/Scripts/BS_ViewBulletin.aspx
Changing nature of competition and regulations
Existing Emerging

Traditional Bank affiliated New generation Potential emergence

investment houses investment houses discount brokers of ecosystem players/
techfins
Branch and sub-broker
driven outreach, Focused on leveraging Low barriers to entry Product expansion, not
Diversified presence synergies with the bank fundamentally a
into NBFC/HFCs/AMCs financial player
and wealth

Regulatory direction
 Emphasis on lowering of intermediary margins to enhance customer returns
 Greater focus on transparency and risk management
 Increased compliance cost

21
Business in makeover
Re-imagine: API-led solutions
Re-imagine: Digital banking
 Broad basing the business model
Imperatives  Diverse and granular revenue streams

Wealth & Investments
 Equity
 Mutual Funds
 Fixed Income & deposits
 PMS
 National Pension System

Assets Protection
 Insta Loans &  Life
 ESOP Loans  Health
 Mortgage  General

To emerge as comprehensive financial solutions provider for the affluent Indian

powered digitally with strong relationship coverage
22
Strategy: Strengthening the core and building the future

A. Ramping up scale and value by

augmenting and aligning growth engines

E. Operating leverage B. Monetize client value

through cost efficiency

D. Robust technology and C. Improving customer

digital agility experience

23
A. Ramping-up scale & value by augmenting & aligning growth
engines

Bank win-win Digital on- Business

partnership boarding partners

• Natural alignment: New • Re-engineer • Digitally offer B2B2C

revenue sharing entire on- proposition to scale
agreement boarding business partners:
process • On-boarding of partner
• Sourcing focus:
• On-boarding of clients
Targeting affluent and
by the partner
equity affinity client
• Client management and
segments
platform support
• Enlarge focus: NRI

Better customer quality Modernise and Broad base

and higher activation scale-up growth

24
Progress: Improvement in active client share
Ramping scale & value
• Quality of Sourcing Market share2 in active client base (NSE)
• New arrangement with ICICI Bank
• Activation rate1 up from 33% to 46% for client sourced by bank

10.07%
10.03%

10.02%
• Number of active NCA up by 22%

9.90%
9.81%
9.77%
• Launched subscription based plan

9.72%
9.70%

9.67%
9.63%

9.61%
• Over 1.6 lac subscriptions as at end Q2-FY2020

9.59%
9.55%
9.53%
9.50%

9.50%
9.48%
9.48%
9.47%

9.45%
• NRI

9.40%
9.38%
• Started sharing digital leads with UAE & Bahrain, making
onboarding process smoother for customer
Business partners

Mar-18

Mar-19
Jun-18

Sep-18

Nov-18

Jun-19

Sep-19
Feb-18

May-18

Aug-18

Feb-19

May-19

Aug-19
Apr-18

Dec-18

Apr-19
Jan-18

Jul-18

Oct-18

Jan-19

Jul-19

Oct-19
•
• Network at 8,000+ in Q2-FY2020, up by 29%
• Digital Sourcing
• Improvement in daily run rate of accounts opened • 9.1 lac NSE active clients2
completely online • Consistently adding active clients for last 9 months
• Tab based instant account opening; monthly run rate of • Equity blended market share up by 90bps from
~ 9,500 7.8% in Q2-FY2019 to 8.7% in Q2-FY2020

1. % of New client acquisition (NCA) who traded within 90 days of account getting opened.
2. Trailing 12 month; Source: NSE
25
Period: Q2-FY2020 vs Q2-FY2019, QoQ: Q2-FY2020 vs Q1-FY2020
B. Monetize client value
Insta digital loans as a new asset class
01 Digital lending to eligible customers for personal, auto
loan, home loan top-up, credit card, LAS and deposits

Digital Insurance
02 Ramping up distribution of insurance digitally
• Health, Travel, Auto, Two wheeler and Term
Enhancing product choice and product options

03 Margin trading facility

MTF extended on NSE
ESOP funding
04
Leveraging ESOP funding to build high quality client
sourcing and enhancing revenue stream

05 Strengthening wealth management franchise

Comprehensive proposition for wealth clients including
curated proprietary offering
26
Progress: Enhancing completely digital product suite
Monetising client value
• Launched digital distribution of loans
• 0.9 million unique clients for pre approved loans based on bank’s credit criteria
• Digital personal loans and credit cards and auto loan top up launched

• Tie ups with insurance companies to digitally distribute insurance products

• Tie ups with Religare health and Star health
• Launched full suite of Health Insurance products with Religare Health in the stand alone health
category
• Margin trading facility extended on NSE on September 27, 2019
• ESOP funding: Ramping up book size
• Proprietary PMS for HNI clients: Growing AUM

27
C. Enhancing engagement for client retention & penetration
Traditional approach Client engagement New approach

Self directed Digital based advisory

Relationship mgmt.
supplemented by voice RM

Pay per use Onboarding clients Subscription based

Individual stock based One click investment in

Research connect recommended bundle of stocks
recommendation

Self developed limited Augmenting using fintech

Trading strategies
tools tools

Investment only Investment, protection,

Scope
loans & deposits

28
Progress: Curated engagement solutions
Enhancing engagement for client retention & penetration
• AI based tool for identifying next best action and next best product/service
• Pilot campaign initiated across 3 equity and 2 non-equity product/service
• Low touch engagement model
• License from IRDAI for Distance Marketing obtained on August 21, 2019
• Working on a pilot to offer low touch engagement model for insurance
• Launched One Click Investments on August 3, 2019
• 19 curated baskets of research recommended Mutual Funds
• Easy, convenient and automated portfolio allocation into basket of Mutual Funds
• Liquidity proposition ‘eATM’ extended on NSE on June 7, 2019
• New pricing plan for derivative product launched on September 25, 2019
• New brokerage plan in options being piloted
• Initial response encouraging

29
D. Robust technology and digital agility
Robust technology strength
Secure, stable and fast system
• Reliable
• Avg. response time of 24 ms
• Peak concurrent users ~ 48k
Established framework for managing
customer privacy & information security
3-tier recovery system and strong
business continuity processes
Digital agility
Open architecture & partnership
• Use API architecture to onboard
fintech partners
• Partner with fintech to offer customer
centric solutions
Increasing use of data analytics
• Infuse new talent
• Infuse new technologies
Improved user experience
• New interface website
• New mobile app
30
Progress: Fintech partnership based digital capabilities
Digital agility
• API architecture launched in September 2019
• Fintech partnership based digital capabilities
• Digital Team to scan the environment for identifying new technologies and opportunities
• Projects evaluated: 63, Projects moved to UAT: 1, Projects POC/Launched: 1, Project under
integration process: 1
• Launched
• AI based tool to increase customer engagement
• Under Implementation
• Trading strategy formulation tool for derivatives
• Comparison tool for insurance
• Upgrading client engagement platform
• Launched new website, currently in beta version
• Reengineering our mobile app including new UI/UX

31
E. Operating leverage through cost efficiency

Re-evaluate branch infrastructure cost based on productivity, area efficiency and rentals

Centralization of certain vertical to optimise infrastructure and manpower cost

Process re-engineering to optimize acquisition related cost

Harnessing synergies within teams and business groups to optimize manpower

Migrating to digital/low touch coverage models

Strong focus on inculcating cost culture to enable identification and

enhance cost efficiency on an on-going basis 32
Progress: Rationalising cost structures
Operating leverage through cost efficiency

• Overall cost down by 7%

• Employee cost down by 7%

• Head count down by 8%

• 5% decrease from 4,298 in June 2019 to 4,077 in Sept 2019

• Branch count down from 202 to 187

Period: Q2-FY2020 vs Q2-FY2019 33

Agenda

• ICICI Securities at a glance

• Industry Overview & Strategy

• Financial Results
Financials
Strong financial performance

Revenue (` million) Revenue diversification1 (%)

FY14 to FY19
CAGR 16%
Brokerage revenue Others

18,610

17,270
14,042
12,095

11,246

38%
39%

41%

45%

45%

46%

46%

48%
8,123

4,581

4,182

62%
61%

59%

55%

55%

54%

54%

52%
FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q2-19 Q2-20 FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q2-19 Q2-20

1. Brokerage is excluding interest & others 35

Financials
Segmental performance

Retail Equities revenue (` million) Institutional Equities revenue (` million)

FY14 to FY19 FY14 to FY19
CAGR 12% CAGR 28%

9,174

1,174
8,154

1,069
7,016
7,027

6,070
4,621

740
537
527
2,194

1,832

339

326
279
FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q2-19 Q2-20 FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q2-19 Q2-20

36
Financials
Segmental performance

Distribution revenues (` million) Investment banking revenues (` million)

FY14 to FY19 FY14 to FY19
CAGR 20% CAGR 11%

4,665

4,635

1,440
1,198
3,497

991
2,669

2,541

834
1,867

638
593
1,279

1,062

322
283
FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q2-19 Q2-20 FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q2-19 Q2-20

37
Asset light agency business with high returns
Consistent dividend payout & high ROE due to asset light model

PAT (` million) Dividend payout (` million)

FY14 to FY19 FY14 to FY19

3,028

3,028
CAGR 40% CAGR 50%

5,535

4,907

2,050
3,386

1,611

1,611
2,939

2,387

1,351
1,342
908

400
FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q2-19 Q2-20 FY-14 FY-15 FY-16 FY-17 FY-18 FY-19

38
Consolidated P&L (` million)
Particulars Q2-FY19 H1-FY19 Q1-FY20 Q2-FY20 H1-FY20 Y-o-Y%
Revenue 4,581 8,940 4,021 4,182 8,203 (9)%
Operating Expenses1 340 592 245 244 489 (28)%

Employee benefits expenses 1,435 2,802 1,274 1,339 2,613 (7)%

Finance Cost2 108 239 178 179 357 66%

Other expenses2 621 1,204 564 579 1,143 (7)%
Total expenses 2,504 4,837 2,261 2,341 4,602 (7)%
Profit before tax 2,077 4,103 1,760 1,841 3,601 (11)%
Tax3 735 1,423 622 490 1,112 (33)%
Profit after tax 1,342 2,680 1,138 1,351 2,489 1%
Other Comprehensive Income (OCI) - (16) (35) (16) (52) -
Total Comprehensive Income (TCI) 1,342 2,664 1,103 1,335 2,437 (1)%
1. Includes MTM of ` 108 mn & 36 mn taken in Q1-FY2020 and Q2-FY2020 respectively on DHFL
2. Impact of Ind AS116 in Q1-FY2020 & Q2-FY2020 respectively: finance cost & depreciation increase by ` 156 mn , ` 141 mn;
lease expense reduce by ` 128 mn and ` 119 mn; having a net impact of ` 28 mn and 22 mn
3. Impact of change in income tax rate including impact on account of revaluation of deferred tax asset given in Q2-FY2020
39
Y-o-Y: Q2-FY2020 vs Q2-FY2019
Segment performance
(` million)
Particulars Q2-FY19 H1-FY19 Q1-FY20 Q2-FY20 H1-FY20 Y-o-Y%

Segment Revenue

Broking & commission 4,241 8,209 3,637 3,810 7,448 (10)%

Advisory services1 283 605 167 323 489 14%

Investment & trading 57 126 69 49 118 (14)%

Income from operations2 4,581 8,940 4,021 4,182 8,203 (9)%

Segment Profit before tax

Broking & commission 1,904 3704 1,647 1,672 3,318 (12)%

Advisory services 144 315 16 175 191 22%

Investment & trading 29 84 (51) (6) (56)

Total Result 2,077 4,103 1,760 1,841 3,601 (11)%

1. Advisory services includes Financial advisory services such as equity-debt issue management services, merger and
acquisition advice and other related activities
2. Amount of ` 207 mn and ` 148 mn pertaining to interest on income tax refund is not allocated to any segment and is
included in total revenues and results of FY2019 and Q1-FY2020 respectively 40
Y-o-Y: Q2-FY2020 vs Q2-FY2019
Balance sheet : Assets
(` million)
ASSETS At Sep 30, 2018 At Mar 31, 2019 At Sep 30, 2019
Financial assets (A) 25,538 43,697 31,030
Cash/Bank and cash equivalents 16,823 31,4861 15,322
Derivative financial instruments and Securities for trade 700 2,563 5,642
Receivables 2,013 4,770 2,457
Loans 5,022 4,033 6,797
Investments 37 28 27
Other financial assets 943 817 785
Non-financial assets (B) 2,694 2,949 4,986
Deferred tax assets (net) 647 737 5712
Right-of-use assets3 - - 1,662
Fixed assets, CWIP & Intangible assets 454 476 517
Current tax assets & other non financial assets 1,593 1,736 2,236
Assets (A+B) 28,232 46,646 36,016

1. Settlement obligation pertaining to an offer for sale of ` 17,362 mn was pending for payment as on March 31, 2019
2. Re-measured deferred tax assets at new income tax rate
3. Lease assets capitalised as per Ind AS 116, which came into effect on April 1, 2019, are being reported as Right of use assets
41
Balance sheet : Equity and Liabilities
(` million)
EQUITY AND LIABILITIES At Sep 30, 2018 At March 31, 2019 At Sep 30, 2019
Financial liabilities (A) 13,285 30,182 19,892
Derivative financial instruments 3 17 -
1
Payables 6,091 23,362 5,650
Debt securities 5,204 4,473 10,143
Lease liabilities2 - - 1,654
Deposits & Other financial liabilities 1,987 2,330 2,445
Non-financial liabilities (B) 5,288 5,991 5,366
Equity (C) 9,659 10,473 10,758
Equity share capital 1,611 1,611 1,611
Other equity 8,048 8,862 9,147
Equity and Liabilities (A+B+C) 28,232 46,646 36,016

1. Settlement obligation pertaining to an offer for sale of ` 17,362 mn was pending for payment as at March 31, 2019
2. Lease liabilities are being capitalised in financial liabilities as per Ind AS116 applicable from April 1, 2019
42
Thank you
Annexures
Equities business
Blended market share I-sec ADTO (` billion)

9.0%

8.6%
8.5%

711
7.8%

7.3%
6.6%

556
533
4.7%
4.5%

372
187
101
65
44
FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q2-19 Q2-20 FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q2-19 Q2-20

Derivative market share Equity market share

9.1%

8.7%
8.6%
8.6%
7.8%

7.8%
7.7%
7.5%

7.4%

7.4%
7.4%
7.3%

7.1%
6.5%
4.4%
4.1%

FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q2-19 Q2-20 FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q2-19 Q2-20

28% growth in I-Sec ADTO, Equity market share up by 90bps

45
Period: Q2-FY2020 vs Q2-FY2019
Distribution
Mutual Funds

Mutual Funds revenue (` million) MF AUM (` billion)

FY14 to FY19 FY14 to FY19
CAGR 28% CAGR 36%

2,847

2,695

358
351
347
302
1,657
1,540

212
1,117

160
120
789

731

556

76
FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q2-19 Q2-20 FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q2-19 Q2-20

46
Distribution
Life Insurance

Life Insurance revenue (` million) Life Insurance AUM (` billion)

FY14 to FY19 FY14 to FY19
CAGR 5% CAGR 17%

9,038

8,868
8,390
713

6,816
586

5,625
483

474
465

4,129
371

2,202

1,982
123

123
FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q2-19 Q2-20 FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q2-19 Q2-20

47