BSE’s Q1 net profit jumps 11x to Rs 440 crore on CDSL stake sale
We The Bombay Stock Exchange (BSE) on Wednesday reported a 11x jump in its net profit to Rs 440 crore in the first quarter of 2023-24, on the back of a Rs 340 crore profit from the sale of its stake in the clearing corporation CDSL.
The exchange’s revenue from operations in the quarter increased by around 16 percent year-on-year to Rs 215.62 crore. The BSE’s profit was boosted by the sale of its 5.73 percent stake in CDSL for Rs 600 crore in April 2023. The exchange had acquired this stake in CDSL in 2009.
The BSE’s revenue from its clearing and settlement business increased by 16 percent to Rs 136.56 crore in the quarter. The exchange’s income from its listing business increased by 20 percent to Rs 54.61 crore.
The BSE’s expenses in the quarter increased by 12 percent to Rs 170.99 crore. However, this was largely due to the one-time cost of the CDSL stake sale.
The BSE’s board of directors has recommended a dividend of Rs 2.50 per share for the quarter, which is in line with the company’s dividend policy. The dividend is expected to be paid in July 2023.
The BSE’s strong financial performance in the first quarter was driven by a number of factors, including:
- The sale of its stake in CDSL for Rs 600 crore.
- The growth of its core businesses, such as its clearing and settlement business and its listing business.
- The increase in trading volumes on the exchange.
The BSE’s strong financial performance is a positive sign for the company. The exchange is well-positioned to continue to grow in the coming quarters.
In addition to the factors mentioned above, the BSE’s strong financial performance was also supported by the following:
- The growth of the Indian economy.
- The increasing popularity of online trading.
- The introduction of new products and services by the exchange.
The BSE is the oldest stock exchange in India and one of the largest in the world. The exchange is well-regulated and has a strong track record of performance. The BSE is well-positioned to continue to grow in the coming years.
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