BSE net profit jumps 40% to Rs 52.72 crore
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Top stock exchange BSE has reported a 40% increase in its consolidated net profit at Rs 52.72 crore for the first quarter ended June 2016.
BSE, which is currently working towards an initial public offer (IPO), had a net profit of Rs 37.52 crore during the April-June period of 2015-16, latest update available with BSE (formerly known as Bombay Stock Exchange) showed.
Total income of the stock exchange also rose nearly 15% to 165.42 crore during the first quarter of the current fiscal.
BSE's total expenditure grew marginally to Rs 104.33 crore from Rs 102.10 crore for the quarter under review mainly on account of employee and administration costs.
The exchange had in March this year received in-principle approval from capital markets regulator Sebi for listing on the domestic capital markets. It is expected to file its draft IPO papers with the regulator soon.
In June, shareholders of BSE had given their approval to the proposed IPO of the stock exchange through an offer for sale (OFS).
A maximum of 30% of BSE equity can be diluted through the OFS. As on date, the exchange has about 9,283 shareholders comprising brokers and institutions.
Besides, BSE group firms include CDSL, Indian Clearing Corporation and BSE Institute.
On a standalone basis, BSE net profit dropped by over 35% to Rs 45.5 crore during the first quarter from Rs 70.47 crore in the same period a year ago. The exchange's total income also dipped to Rs 128.46 crore from Rs 150.55 crore.
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