BSE Q3 Results: Profit Drops 16%, Revenue Up 6%
The BSE board approved divestment of 2.5% stake of BSE in Central Depositary Services Ltd. towards meeting regulatory norms.
Leading stock exchange BSE Ltd. on Tuesday reported a 16% decline in net profit to Rs 51.6 crore in three months ended December 2022.
In comparison, the exchange had posted a net profit of Rs 61.3 crore in the year-ago period, BSE said in a statement.
However, the bourse's revenue from operations grew 6% to Rs 204 crore in the quarter under review from Rs 192.8 crore in the October-December quarter of the preceding fiscal 2021-22.
"Overall, BSE reported a sustained third quarter result amid a difficult market environment. 2022 was a period of transition for the BSE, and as we embark on a new journey in the new financial year, I believe that a balanced business model will enable us to grow much higher," Sundararaman Ramamurthy, MD and CEO of BSE, said.
In addition, the board of BSE has approved the divestment of 2.5% stake of BSE in Central Depositary Services Ltd. towards meeting regulatory norms.
The exchange's mutual distribution platform, BSE StAR MF, saw the total number of transactions surge by 37% to reach 6.86 crore during the quarter ended December, 2022, from 5.02 crore in the same period last year.