BSE LTD
Bombay Stock Exchange (BSE Ltd) is an Indian Stock Exchange located at Dalal Street in Mumbai. The Co. facilitates a market for trading in equity, currencies, debt instruments, derivatives, and mutual funds.
Revenue Breakup
Securities Services: 44%
Services to corporates: 45%
Data Dissemination Fees: 6%
Others: 5%
Shareholding Pattern
-PUBLIC GROUP
-PROMOTER GROUP
Financial Summary
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 |
| Sales | 841 | 925 | 1,592 |
| Sales Growth % | 33% | 10% | 72% |
| Expenses | 489 | 609 | 967 |
| Operating Profit | 352 | 316 | 626 |
| OPM % | 42% | 34% | 39% |
| Net Profit | 245 | 206 | 772 |
| EPS in Rs | 18.80 | 16.29 | 57.50 |
Synopsis of Financials
- Record revenue of INR 1,618 crores on a consolidated basis.
- Net profit attributable to shareholders grew by 86% to INR 411 crores.
- Operating EBITDA for FY ’24 increased to INR 399.9 crores.
- Final dividend of INR 15 per equity share recommended for FY 2023-24.
- BSE recorded its highest ever quarterly revenues of INR 674.4 crores, a 149% increase year-on-year.
- Operational revenues grew by 182% to INR 607.7 crores, up from INR 215.6 crores.
- Net profit attributable to shareholders reached INR 265 crores, a substantial increase from INR 75.1 crores (excluding CDSL Stake Sale), reflecting a growth of 253%.
- Operating EBITDA for Q1 FY ’25 stood at INR 283.9 crores, with an EBITDA margin expanding to 47% from 33% previously.
Final Outlook
FUNDAMENTAL ANALYSIS
Profitability Metrics:
Earnings Per Share (EPS):
Reported EPS (FY2024): ₹55.65
Adjusted EPS (FY2024): ₹18.41
Interpretation: EPS indicates the portion of a company’s profit allocated to each outstanding share. A higher EPS reflects better profitability. The significant difference between reported and adjusted EPS suggests the presence of exceptional items or one-time gains/losses.
Valuation Metrics:
Price-to-Earnings (P/E) Ratio:
As of January 1, 2025: Approximately 15x
Interpretation: The P/E ratio reflects market expectations of a company’s future earnings. A P/E of 15x suggests that investors are paying ₹15 for every ₹1 of earnings, which is reasonable compared to industry peers.
Conclusion:
BSE Limited demonstrates strong profitability, efficient asset utilization, and maintains a debt-free capital structure. The significant revenue and profit growth indicate a positive trajectory. However, the current ratio suggests that liquidity management should be monitored. Overall, BSE Limited appears to be fundamentally robust, making it an attractive consideration for investors seeking exposure to the financial services sector.
BSE-Ltd