BSE jumps 3% post solid Q4 results

Shares of BSE Ltd rallied 3 percent in early trade post robust Q4 results. At 10:55 am the BSE Ltd shares were trading 3.18 percent higher at Rs 556.75 on NSE.

BSE reported Q4 numbers on May 11, 2023, with a 24 percent jump in net profit to Rs 88.61 crore for the three months ended March. The exchange had posted a net profit of Rs 71.52 crore in the same quarter of the preceding fiscal, BSE said in a regulatory filing to the National Stock Exchange (NSE).

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For 2022-23, the bourse’s net profit declined 16 percent to Rs 205.65 crore from Rs 244.93 crore in the same period a year ago. However, its revenue from operations rose 10 percent to Rs 815.53 crore in FY23. In the year-ago period, the same stood at Rs 743.15 crore. The exchange declared a final dividend of Rs 12 per equity share for the financial year 2022-23.

“FY2023 was a challenging but pivotal year for BSE. We made important progress regarding our priorities and have taken significant steps to improve our product profile. As we move forward, there is a significant opportunity to continue to expand and evolve the products and services within our core business,” BSE MD and CEO Sundararaman Ramamurthy said.

The average daily turnover in the equity cash segment stood at Rs 4,132 crore in FY23 down 23 percent as compared to the year-ago period. The average daily turnover in the equity derivative segment was at Rs 1.38 lakh crore, down 48 percent from the previous fiscal.

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Motilal Oswal has maintained its neutral rating on the stock

“We have increased our FY24/FY25 revenue estimates by 14 percent from the earlier estimate of 12 percent, factoring in strong growth in the securities services segment (excluding transaction charges). We reiterate our ‘neutral’ rating on the stock.”

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