Here is how we can create app shortcut icon on device's home screen after app installation:

There's only a few lines of code.

if(!MyUtility.getIsFirstTime(splash).equals("true"))
        {
            MyUtility.setIsFirstTime(splash, "true");
            Intent shortcutIntent = new Intent();
            shortcutIntent.setClass(splash, Splash.class);

        Intent addIntent = new Intent();
        addIntent.putExtra(Intent.EXTRA_SHORTCUT_INTENT, shortcutIntent);
        addIntent.putExtra(Intent.EXTRA_SHORTCUT_NAME, "Shortcutname");
        addIntent.putExtra(Intent.EXTRA_SHORTCUT_ICON_RESOURCE,
        Intent.ShortcutIconResource.fromContext(splash, R.drawable.app_icon));
        addIntent.setAction("com.android.launcher.action.INSTALL_SHORTCUT");
        splash.sendBroadcast(addIntent);
    }
    setContentView(R.layout.splash);

Above is the code that I have used in my MAIN activity i.e. Splash. To prevent the creation of multiple shortcut icons I have applied a check before creating the shortcut that is to check if the app is being launched for the first time or not.

MyUtility used above is a class where I have used SharedPreferences methods to save if the app is launched for the first time. Below is the MyUtility class:

public class MyUtility 
{
    MyUtility utility;
    public static String IS_FIRST_TIME="isFirstTime"; 

//*****Save first time*****//

public static void setIsFirstTime(Context con, String isFirstTime)
{
    SharedPreferences isLoggedInShared = con.getSharedPreferences(IS_FIRST_TIME, 0);
    Editor loginEditor=isLoggedInShared.edit();
    loginEditor.putString("isFirstTime",isFirstTime);
    loginEditor.commit();
}
public static String getIsFirstTime(Context con)
{
    SharedPreferences isLoggedInShared=con.getSharedPreferences(IS_FIRST_TIME,0);
    return isLoggedInShared.getString("isFirstTime", "null");
}
}

Also, in Manifest file add following permission:

android:name="android.permission.READ_PHONE_STATE"
android:name="com.android.launcher.permission.INSTALL_SHORTCUT"
android:name="com.android.launcher.permission.UNINSTALL_SHORTCUT"

Hope it helps you :)