BSE to divest 2.5% stake in CDSL; net profit drops 16 %

Leading stock exchange BSE on Tuesday reported a 16 per cent decline in net profit to Rs 51.6 crore in three months ended December 2022.

A man walks past the Bombay Stock Exchange (BSE) building in Mumbai, India, March 6, 2020. Pic: Reuters

Leading stock exchange BSE on Tuesday reported a 16 per cent 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 per cent 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 amidst 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.

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In addition, the board of BSE has approved the divestment of 2.5 per cent stake of BSE in Central Depositary Services Ltd (CDSL) towards meeting regulatory norms.

The exchange's mutual distribution platform, BSE StAR MF, saw the total number of transactions surged by 37 per cent to reach 6.86 crore during the quarter ended December 31, 2022, from 5.02 crore in the same period last year.

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