BSE falls 4% as Q3 profit misses Street estimates on SGF contribution

The lower profitability was due to higher SGF contribution for the currency derivatives segment, said BSE’s management. SGF stands Settlement Guarantee Fund.

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BSE shares fell over 4 percent on February 6, a day after the exchange reported a net profit of Rs 106 crore, about 20 percent short of the Street estimates, for the quarter ended December 2023.

The dent in profit came from higher contribution to the Settlement Guarantee Fund (SGF) for the currency derivatives segment, said the company management.

At 9:50am, the BSE stock was quoting Rs 2,444.85 on the NSE, down 4.5 percent from the previous close. Investors also rushed to book profits as the stock had rallied over 16 percent in five days in the run-up to results. The stock has gained over 390 percent in the past one year.

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Despite the miss, Bombay Stock Exchange (BSE) managed to double its net profit in Q3 FY24 from Rs 51.6 crore a year ago, BSE said in a statement. It achieved its highest quarterly revenue at Rs 431.5 crore in Q3 FY24, up 76 percent from Rs 245 crore registered last year.

BSE’s average daily turnover (ADTV) for the futures and options (F&O) segment more than doubled to Rs 71 lakh crore in December from Rs 35 lakh crore in November. BSE has been improving its market share in the F&O segment since it brought back the weekly index options for the Sensex and the Bankex in May.

Also Read: Short Call | Bulls in proceed-with-caution mode; LIC, Tata Motors, IndiGo, Ashok Leyland in focus

Brokerage views

According to foreign broking firm Jefferies, BSE’s valuations at 29x core FY26 P/E remain attractive. “We see Indian exchanges trading at a premium to their Asian peers for a longer-term and higher-growth outlook. Reiterate Buy with unchanged price target of Rs 3,000,” it said.

Even after a 100 percent growth in FY24, earnings should more than double (2.6x) over FY24-26, it added.

Domestic broking firm Motilal Oswal Financial Services has a ‘neutral’ rating on the stock with a one-year target price of Rs 2,725.

“The year 2024 will be a transformational year as BSE is committed to growing in new areas such as expansion of data centres, MF platform, improving clearing and settlement services, and enhancing index and data services,” MOFS said.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.