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EconomyCompanies

BSE's quarterly profit jumps 45% to ₹809 crore as board clears plan for BKC plot

The stock exchange operator earned more than a year ago but less than in the June quarter, and its board accepted an MMRDA offer of land in Mumbai's Bandra Kurla Complex.

From the editorial desk · MumbaiPublished
The Bombay Stock Exchange on Dalal Street, Mumbai
The Bombay Stock Exchange on Dalal Street, MumbaiWikimedia commons / Wikimedia

Key points

  1. BSE's consolidated net profit rose 44.9% to ₹809.15 crore in the September quarter.
  2. Profit and revenue fell about 7-8% from the June quarter.
  3. The board accepted an MMRDA offer of a plot in BKC for new premises.

BSE Ltd, which runs Asia’s oldest stock exchange, reported a 44.9% jump in quarterly profit on Wednesday evening and said its board had accepted an offer of land in Mumbai’s Bandra Kurla Complex for new premises.

Consolidated net profit for the July to September quarter came in at ₹809.15 crore, against ₹558.43 crore a year earlier. Revenue from operations rose 34.1% to ₹1,432.66 crore, from ₹1,068.39 crore.

The picture is softer against the June quarter. Profit was 7.4% lower than the ₹874.02 crore it earned then, and revenue slipped 8.5% from ₹1,566.02 crore. Operating profit (EBITDA) fell 8.2% on the quarter to ₹984 crore, but the operating margin held up and edged higher to 68.7%, from 68.45% in the June quarter and 64.66% a year ago.

Land in BKC

The board approved a proposal to accept an offer from the Mumbai Metropolitan Region Development Authority (MMRDA) for a plot in BKC, the business district that is already home to the National Stock Exchange. BSE said the land would house additional premises and infrastructure facilities.

The deal is at an early stage. It depends on completing the paperwork, meeting the conditions attached and signing final agreements with the authority. BSE did not disclose the size or the price of the plot and said it would give the terms once the agreements are signed.

The board also approved the appointment of Ashutosh Singh as Executive Director, Business (Vertical 3), from 30 November, for five years subject to shareholders’ approval.

BSE shares had closed 1.75% lower at ₹3,601.50 on the NSE before the results were announced. The exchange’s results follow those of its larger rival NSE, whose quarterly profit rose 23% to ₹2,578 crore.