The Bombay Stock Exchange (BSE) announced strong results for the second quarter of financial year 2023-24 (FY24), with net profit increasing fourfold to ₹118.4 crore from ₹29.4 crore in the corresponding quarter a year ago. Revenue for the quarter grew 53% to ₹367 crore, from ₹240 crore in the previous year.
The company’s performance was driven by strong growth in both its trading and non-trading businesses. Trading revenue grew 50% to ₹307 crore, while non-trading revenue grew 61% to ₹60 crore.
BSE’s trading revenue growth was driven by strong growth in both equity and debt volumes. Equity volumes grew 47% to 1.9 trillion shares, while debt volumes grew 55% to ₹5.3 trillion.
BSE’s non-trading revenue growth was driven by strong growth in its clearing and settlement business, as well as its data and analytics business. Clearing and settlement revenue grew 58% to ₹28 crore, while data and analytics revenue grew 70% to ₹32 crore.
BSE’s results are in line with the overall growth in the Indian economy. The Indian economy grew 8.7% in the first quarter of FY24, and is expected to grow at a rate of 7.5% in the full year.
Here are some key highlights from BSE’s secon0d quarter results:
- Net profit: ₹118.4 crore, up 400% from the previous year
- Revenue: ₹367 crore, up 53% from the previous year
- Trading revenue: ₹307 crore, up 50% from the previous year
- Non-trading revenue: ₹60 crore, up 61% from the previous year
| Particulars | Q2 FY24 | Q2 FY23 | YoY Growth |
| (Rs. Crore) | (Rs. Crore) | ||
| Total Revenue | 367.0 | 239.8 | ↑ 53% |
| Revenue from Operations | 314.5 | 197.7 | ↑ 59% |
| Less: Operating Expenses | 172.8 | 184.3 | ↓ 6% |
| Operating EBIDTA | 141.7 | 13.4 | ↑ 956% |
| Operating EBIDTA Margin | 45% | 7% | |
| Add: Other Income | 52.5 | 42.1 | ↑ 25% |
| Less: Depreciation and Interest costs | 31.2 | 19.6 | ↑ 59% |
| Profit before Tax and share of associates | 163.0 | 35.9 | ↑ 354% |
| Add: Share of Profit of Associates | 19.0 | 15.0 | ↑ 27% |
| Less: Taxes | 63.6 | 21.5 | ↑ 196% |
| Net Profit | 118.4 | 29.4 | ↑ 303% |
| Net Profit attributable to shareholders | 120.5 | 33.8 | ↑ 256% |
Source : The Bombay Stock Exchange
Outlook
BSE expects to continue to grow in the coming quarters, driven by the continued recovery in the Indian economy and the growth of the Indian capital markets. The company is also investing in new products and services, such as its new blockchain-based platform, to stay ahead of the competition.
Analyst Comments
Analysts were positive on BSE’s second quarter results.
“BSE’s strong performance is a reflection of the continued recovery in the Indian economy,” said Rahul Jain, an analyst at ICICI Securities. “The company is well-positioned to continue to grow in the coming quarters.”
“BSE’s investment in new products and services is a positive sign,” said Manish Shah, an analyst at Edelweiss Securities. “The company is staying ahead of the competition, and is well-positioned to grow in the long term.“
Conclusion
BSE’s second quarter results were strong, reflecting the continued recovery in the Indian economy. The company is well-positioned to continue to grow in the coming quarters.
