Business

Presentation

September 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

• Business Performance

• 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 `12.50 trillion as at June
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: 4.5 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% revenue4 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. Customers having AUA of over 75 lacs
4. IPO, FPO, InvIT, REIT period Q1-2020, Source: Prime database 5
5. Only retail broking revenue considered
Governance
Director Profile
Mr. Vinod Kumar Dhall, Chairman (Independent Director)
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 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 been a Director on our Board since November 29, 2017.

6
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 has been a Director on our Board since November 29, 2017.

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

He is an Executive Director on the Board of ICICI Bank Limited (‘the Bank’) 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.

7
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 Ketan Karkhanis

28+ 24+
Executive Vice President Senior Vice President
Equity Product Group, Online Advisory Select, Premier, Equity Relationship
Group & Channel Sales Services, Active Trader Services & Asset

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

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

9
Large growing franchise
Operational accounts and active clients grew 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

Operational accounts is the total customer base with the company

Overall active clients are clients active with us during that period across all product categories
10
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 11
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 12
Financial performance
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 13
Agenda

• ICICI Securities at a glance

• Industry Overview

• Business Performance

• Strategy

• Financial Results
Rapidly transforming Digital India
High device penetration Affordable access spurring adoption
• 1.2bn mobile phones in India • Mobile data consumption at 8.3gb per month per user
• Smartphone penetration at 26.2% in 2018 • China at 5.5gb
• Expected to be 66% by FY222 • Digital payment transactions at 15bn up from 5bn FY14
• 0.6bn internet subscribers in India • Mobile trading3 at 10% in 2018 from 1% in 2014
• Second only to china • Data costs are down by more than 95% since 2013
• Download speed increased 4x between 2014 and 2017

Digital Data infrastructure Policy led systematic push

• Increasing volume of quality data available across • 1.2bn Aadhaar enrollment
various agencies • 740m+ direct benefit transfer transactions
• Developments in • 10mn+ businesses on online GST network
• Data Sciences & Analytics
• Machine learning/ Artificial Intelligence technologies
• Artificial Intelligence

Source: McKinsey, 2. CRISIL, 3. SEBI (Mobile as a mode of trading in cash market at NSE)
15
Financialisation and equitisation of savings in India

Growing incremental share of financial Rising household financial ssavings High growth across financial asset
investments in shares & debentures 1 classes2
In ` trillion
Financial Savings FY-15 FY-16 FY-17
8.0%
Financial Savings as a % of Household FY-18 FY-19
Savings
491
44.9% 38.4%
36.5%36.1% 37.0% 348
31.1%32.9% 259289
3.0% 200 213
165149 179
2.6% 149
131 146162
11.3 95116
1.8% 1.6% 1.6% 1.6% 11.1
8.3 8.8 9.7
6.4 7.3
Equity + MF AUM Insurance
Derivative ADTO Premium (FY)
FY-12 FY-13 FY-14 FY-15 FY-16 FY-17 FY-18 FY-12 FY-13 FY-14 FY-15 FY-16 FY-17 FY-18

Source: RBI, IRDA, AMFI, NSE, BSE, EIU; ADTO: Average daily turnover; 1. Include investment in shares and
debentures of credit / non-credit societies and investment in mutual funds (other than Specified Undertaking of
16
the UTI) (Source: RBI, MOSPI) 2. Indexed to 100 in FY 14
Opportunity: Under-penetration across all segments
Large headroom across product
categories

Debit card, 861mn1

Life Insurance policies, 331mn2

MF Folios, 85mn3

Demat accounts, 37mn4

1. Source: RBI, FY18 2. IRDAI, FY18, 3. AMFI, Aug 2019 4. SEBI bulletin, Aug 2019 (18.8mn at NSDL and 18.3mn at CDSL)
17
Industry trends: Equity secondary market
Rise in demat accounts (In million) Growing retail participation
36 37 Equity Derivative
32
28 58% 58%
23 25 54% 52% 56% 55%

44% 46% 47% 46%

37%
30%

FY-15 FY-16 FY-17 FY-18 FY-19 Q1-FY20 FY-15 FY-16 FY-17 FY-18 FY-19 Q1-FY20
Growing share of trading volume (` billion) Secondary market volume growth led by derivative volume#

213 202 244 338 352 364 1,368 1,525 2,409 4,143 6,251 8,569
Delivery ADTO Non-Delivery ADTO In ` billion Equity Derivative
68% 68% 66% 70% 74% 75%
88% 89% 92% 93% 96% 97%

FY-15 FY-16 FY-17 FY-18 FY-19 Q1-FY20 FY-15 FY-16 FY-17 FY-18 FY-19 Q1-FY20
Equity market ADTO Total market ADTO ex proprietary
Source: NSE, BSE, SEBI, NSDL, CDSL; ADTO – Average daily turnover
#Excluding proprietary volume 18
Institutional equities: DIIs becoming more relevant
Holding % of market capitalisation Equity Flow in USD billion
FPIs Domestic institutional FPI DII
18.1 17.7
25.0%
12.3
8.4 10.3
20.0%
4.5 3.4 3.1
1.5 0.7
15.0%
-1.5
10.0% -3.6
Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19
FY-15 FY-16 FY-17 FY-18 FY-19 Q1-FY20

Equity ADTO in (` billion) Derivative ADTO in (` billion)

FII DII FII DII 2,293
54 52 55
44 43 47
1,310
27 27 26
15 767
10 11 523
259 319
6 12 15 31 40 38

FY-15 FY-16 FY-17 FY-18 FY-19 Q1-FY20 FY-15 FY-16 FY-17 FY-18 FY-19 Q1-FY20

19
Source: NSDL, SEBI, Bloomberg, I-Sec research
Saving landscape: Increasing managed equity
Mutual Fund (Exit) AUM (` trillion) Growing share of beyond top 35 cities in MF AUM
Top 35 Others
23.8 24.3
21.4
17.5

10.8 12.3
92% 92% 91% 91% 82% 80%

FY-15 FY-16 FY-17 FY-18 FY-19 Q1-FY20 FY-14 FY-15 FY-16 FY-17 FY-18 FY-19

More systematic retail participation through SIP Mutual Fund folio

82
927 71
SIP flow (` billion) Folio Count (million)
672 55
48
40 42
439
245

FY-17 FY-18 FY-19 Q1-FY-20 FY-14 FY-15 FY-16 FY-17 FY-18 FY-19

20
Source: AMFI
Protection

Life Insurance premium1 (` trillion) Health Insurance premium1 (` trillion)

4.6 0.37
4.2
3.7 0.30
3.1 3.3 0.24
0.20
0.17

FY-14 FY-15 FY-16 FY-17 FY-18 FY-14 FY-15 FY-16 FY-17 FY-18

Source: IRDA 21
Wealth and Asset creation

PMS AUM1 (` trillion) Gross Bank Credit2 (` trillion)

1.7 77.3
1.6

1.1 1.1 71.5

0.9
0.7 0.8 0.8
0.6 66.5
0.5

FY-15 FY-16 FY-17 FY-18 FY-19

FY-16 FY-17 FY-18
Discretionary Non-Discretionary

1. Source: SEBI 2. Source: RBI 22

Agenda

• ICICI Securities at a glance

• Industry Overview

• Business Performance

• Strategy

• Financial Results
Equities business
Blended market share I-sec ADTO (` billion)

9.0%

9.2%
8.5%

641
7.8%

7.4%

533
6.6%

466
4.7%
4.5%

372
187
101
65
44
FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q1-19 Q1-20 FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q1-19 Q1-20

Derivative market share Equity market share

8.1%
9.1%

9.3%
8.6%
7.8%

7.4%

7.7%
6.5%

7.5%

7.4%
7.4%

7.4%
7.4%
4.4%
4.1%

7.1%
FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q1-19 Q1-20 FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q1-19 Q1-20

24
Retail equities business
Leading equity franchise in India

3-in-1 Platform Revenues (` million)

• Providing seamless experience
FY14 to FY19
• Mutual beneficial relationship with ICICI Bank CAGR 12%

9,174

8,154
• Presence in 3,7501+ ICICI Bank branches

7,027

7,016
• 3-tier disaster recovery system

6,070
4,621
• Fully integrated risk system
• Real-time tracking of trigger prices

2,024

1,893
• Over 95% broking transactions performed online

FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q1-19 Q1-20

1. As at March 31,2019
25
Institutional Equities business
Institutional equities – Growing scale

Revenues (` million)
• Significant India coverage supplemented by
Asia Pacific and USA FY14 to FY19
CAGR 28%
• Growing Direct market access business

1,174
1,069
• Research

740
• coverage of 249 Indian stocks

537
527
• 37 member research team

339

306
274
• Leading procurement in IPOs, QIPs, OFSs and
Block deals
FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q1-19 Q1-20

26
Distribution
Strong online presence aided by pan India distribution

Revenues (₹ million)
• Presence in over 75+ cities with ~193 branches
FY14 to FY19

4,665

4,635
CAGR 20%

3,497
• 1,300+ relationship managers and product specialists

2,669

2,541
• Wealth management solutions for HNIs/Family offices,

1,867
315+ member team

1,164

986
• Over 700+ cities/towns with 7,500+ sub-brokers,
authorized persons, IFAs and IAs
FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q1-19 Q1-20
• Significant presence in the Tier-II and Tier-III cities

Distribution as % of total revenues increased from 23% in FY14 to 27% in FY19

27
Distribution
2nd Largest non bank Mutual Fund distributor

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

FY14 to FY19 FY14 to FY19

2,847
CAGR 28% CAGR 36%

2,695

368
347

343
302
1,657
1,540

212
1,117

160
120
789

773

562

76
FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q1-19 Q1-20 FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q1-19 Q1-20

28
Distribution
Enhanced focus on non Mutual Fund distribution; up 9% in Q1-FY20
Investments
Non MF distribution revenue (` million)
• IPOs, OFS, public bond offerings
• 3rd party corporate fixed deposits
FY14 to FY19 YoY growth 9%
• National Pension System CAGR 12%

1,940
1,839

1,818
Protection

1,424
• Life /General Insurance

1,128
1,078
Assets/Wealth creation
• Loan products referrals

424
391
• Portfolio management services
• Alternate investment funds
FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q1-19 Q1-20

Launched Digital loans; ~ 0.5 million customers pre-approved for instant loan
29
Corporate Finance
Leading Investment Bank in India

Revenue (` million)
• Strengths
FY14 to FY19
• Sector expertise CAGR 11%

1,440
• Corporate relationships

1,198
• Strong distribution franchise

991
834
• Expected to benefit from the robust deal

638
593
pipeline

323

167
FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q1-19 Q1-20

ECM market share by amount raised increased from 30% in FY14 to 41% in FY19 30
Corporate Finance: Q1-FY20 snapshot
IPO Consolidation product
• Ranked 1st in IPOs1 league table • Buyback: SQS India BFSI Ltd.

• Robust IPO pipeline of over ` 1802 bn • Rights: Bharti Airtel Ltd.

• Block deal: Shriram Transport Finance Co.

Advisory Major deals

• Ranked 3rd among domestic financial advisors by • IPOs/InvIT: Indiamart Intermesh Ltd, Oriental
value and ranked 2nd by number of deals in merger Infratrust
market league table
• OFS: L&T Technology Services
• 3 M&A deals in Q1-FY2020 vs 2 deal in Q1-FY2019
• Advisory: Dvara Kshetriya Gramin, Fuji Electric,
Music broadcast ltd

1. IPOs: IPO/FPO/InvIT/REIT 2. Source: SEBI, Prime database, 3. ECM: IPO/FPO/InvIT/REIT, QIP/IPP, Rights issue
31
Agenda

• ICICI Securities at a glance

• Industry Overview

• Business Performance

• Strategy

• Financial Results
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

33
Working towards broadening the positioning

Wealth &
Investments
Imperatives:
• Broad basing business model
• Diverse and granular revenue stream
Protection Assets &
Loans

To be seen as comprehensive financial solutions provider for the affluent Indian

Powered digitally
34
Strategy: Strengthening the core and building for 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 digital C. Enhancing customer

agility engagement

35
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

36
 Progress

• Prime launched, well received, ~1 lac Market share1 in active client base (NSE)
subscriptions as at end Q1-FY20

• New bank arrangement, initial results

10.03%
encouraging, activation rates up by 40%

9.90%
Y-o-Y

9.81%
9.77%
9.72%
9.70%

9.67%
9.63%
• 9.0 lac NSE active clients, market share

9.61%
9.59%
9.55%
9.53%
9.50%

9.50%
9.48%
9.48%
at 20 month high

9.47%

9.45%

9.40%
9.38%
• Only player amongst the bank based
and full service investment house to
consistently add active clients

1. Trailing 12 month; Source: NSE 37

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 and Term
Enhancing product choice and product options

03 Margin trading facility

Scale up of MTF book by extending it on NSE

04 ESOP funding
Leveraging ESOP funding to build high quality client
04 sourcing and enhancing revenue stream
05 Creating branded proprietary products
Portfolio Management Services to Private Wealth Clients
38
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 Recommendation based on

Research connect
recommendation thematic bundle of stocks

Self developed limited Augmented using fintech

Trading strategies
tools tools

Investment only Investment, protection,

Scope
loans & deposits

39
D. Robust technology and digital agility
Robust technology strength
Secure, stable and fast system
• Zero downtime
• Avg. response time of 24 ms
• Peak concurrent users ~ 48k
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 and mobile
app
40
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
41
Agenda

• ICICI Securities at a glance

• Industry Overview

• Business Performance

• Strategy

• Financial Results
Financials
Financial performance

Revenue (` million) Revenue diversification (%)

FY14 to FY19
Brokerage revenue Others

18,610

17,270
CAGR 16%
14,042
12,095

11,246

38%
39%

41%

45%

45%

45%
46%

47%
8,123

4,359

4,021

62%
61%

59%

55%

55%

55%
54%

53%
FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q1-19 Q1-20 FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q1-19 Q1-20

43
Financials
Consistent dividend payout, high ROE due to asset light model

PAT (` million) Dividend payout (` million)

3,028

3,028
FY14 to FY19 FY14 to FY19

5,535
CAGR 40% CAGR 50%

4,907

2,050
3,386

1,611

1,611
2,939

2,387

1,338

1,138
908

400
FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 Q1-19 Q1-20 FY-14 FY-15 FY-16 FY-17 FY-18 FY-19

ROE consistently above 50% for the last 5 years 44

Thank you
Consolidated P&L
(` million)
Particulars FY-2019 Q1-FY19 Q4-FY19 Q1-FY20 Y-o-Y%
Revenue1 17,270 4,359 4,283 4,021 (8) %
Employee benefits expenses 5,545 1,366 1,328 1,274 (7) %
Operating expenses 1253 252 306 245 (3) %
Finance costs2 423 131 100 178 36%
Other expenses2 2477 584 660 564 (5) %
Total Expenses 9,698 2,333 2,394 2,261 (3) %
Profit before tax 7,572 2,026 1,889 1,760 (13) %
Tax expense 2665 688 674 622 (10) %
Profit after tax 4,907 1,338 1,215 1,138 (15) %
Other comprehensive income (OCI) -26 -16 -4 -35 -
Total comprehensive income (TCI) 4,881 1,322 1,211 1,103 (17) %

1. Revenue for Q4-FY19 and Q1-FY20 includes interest on income tax refunds amounting to ` 207mn and ` 148mn respectively.
2. Ind AS116 applicable April 1,2019 led to an increase of ` 156 mn in finance cost and depreciation & reduction of ` 128 mn in other expenses.
MTM loss of ` 108 mn on Dewan Housing Finance Corp. Ltd. Period: Y-o-Y: Q1-FY20 vs Q1-FY19
46
Segment performance
(` million)
Particulars FY-2019 Q1-FY19 Q4-FY19 Q1-FY20 Y-o-Y%
Segment Revenue
Broking & commission 15,807 3,967 3,835 3,637 (8)%
Advisory services 991 323 129 167 (48)%
Investment & trading 265 69 112 69 -
Income from operations 17,270 4,359 4,283 4,021 (8)%

Segment Profit before tax

Broking & commission 6,976 1,801 1,757 1,647 -9%
Advisory services 253 170 -122 16 -91%
Investment & trading 137 55 47 -51 -192%
Total Result 7,572 2,026 1,889 1,760 -13%

Note –Advisory services includes Financial advisory services such as equity-debt issue management services, merger and
acquisition advice and other related activities
Period: Y-o-Y: Q1-FY20 vs Q1-FY19
47
Balance Sheet : Assets (` million)
ASSETS At Mar 31, 2019 At Jun 30, 2019
Financial assets (A) 43,697 26,645
Cash/Bank and cash equivalents1 31,486 16,634
Securities for trade 2,563 2,679
Receivables 4,770 1,243
Loans 4,033 4,860
Investments 28 28
Other financial assets 817 1,201
Non-financial assets (B) 2,949 5,064
Deferred tax assets (net) 737 680
Right-of-use assets2 - 1,945
Fixed assets, CWIP & Intangible assets 476 508
Current tax assets & other non financial assets 1,736 1,931
Assets (A+B) 46,646 31,709

1. As on 31st March 2019, settlement obligation pertaining to an offer for sale amounting to ` 17,362 mn were pending for payment 2. Lease
assets capitalised as per Ind AS 116 are being reported as Right of use assets under non-financial assets
48
Balance Sheet : Equity and Liabilities
(` million)
EQUITY AND LIABILITIES At March 31, 2019 At June 30, 2019
Financial liabilities (A) 30,182 14,856
Derivative financial instruments 17 2
1
Payables 23,362 3,172
Debt securities 4,473 7,453
Lease liabilities2 - 1,909
Deposits & Other financial liabilities 2,330 2,320
Non-financial liabilities (B) 5,991 5,250
Equity (C) 10,473 11,603
Equity share capital 1,611 1,611
Other equity 8,862 9,992
Equity and Liabilities (A+B+C) 46,646 31,709

1. As on 31st March 2019, settlement obligation pertaining to an offer for sale amounting to ` 17,362 mn is pending for
payment. 2. Lease liabilities are being capitalised in financial liabilities as per Ind AS116 applicable from April 1, 2019 49