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Media Release
Unaudited Financial Results of Bombay Stock Exchange Ltd.
** Top line grows by 17% **
The Unaudited Financial Results of the Bombay Stock Exchange Ltd. (BSE) for the quarter ended 31st December, 2009 reported a top line growth of 17% (Q-o-Q) and was Rs 119.21 crores for the quarter ended 31st December, 2009.
Average Daily Turnover (ADT) during the quarter for the Cash Segment was Rs. 5,201 crores, registering a growth of 38% (Q-o-Q). The increase in the top line was mainly on account of increase in the income from Trading Members and Services to Corporates. Income from Investment & Deposits includes estimated amount of Rs. 14.3 crores, earned on Deposits / Margins received from the Trading Members, Clearing Banks, etc.
On the expenditure side, the total expenditure grew by 24% (Q-o-Q) and was Rs 47.90 crores for the quarter ended 31st December 2009. The Increase in expenditure was mainly on account of employee cost. BSE recognised the need to reward and retain talent and bring salaries in line with market levels.
Profit Before Tax (PBT) grew by 12% (Q-o-Q) to Rs 71.31 crores and Profit After Tax (PAT) grew by 17% and was Rs. 55.42 crores.
Income for the period ended 31st December, 2009 was Rs. 375.40 crores and grew by 19% as compared to the nine months ended 31st December, 2008. PBT for the nine months ended 31st December, 2009 was Rs. 232.46 crores, an increase of 16% over the corresponding nine months.
Significant developments during the recent past:
a. BSE made strategic investment in United Stock Exchange of India Limited, one of the upcoming exchanges in the country in financial derivatives to reposition itself in Currency Derivative and Interest Rate Derivatives segment.
b. BSE acquired Marketplace Technologies Private Limited (100% equity stake) to strengthen its technology platform and to provide to the trading members, more user- friendly and faster technology, leading to increase in the trading volumes.
c. BSE capitalized its wholly owned subsidiary, Indian Clearing Corporation Limited (ICCL) to the extent of Rs. 50 Crores, to enable it to settle trades of Mutual Funds, Corporate Debt Segment and to act as clearing corporation for United Stock Exchange of India Limited for the trades in Currency and Interest Rates Derivatives. In early December 2009, ICCL also started offering Secured Settlement of Corporate Bond transactions.
d. In order to increase liquidity, BSE has revised its Transaction Charges for both the Cash and F&O Segments by introducing different rates for passive and active orders.
e. To encourage retail participation in Mutual Fund, BSE launched Platform for Allotment and Redemption of Mutual Fund units (BSE StAR MF), on 4th December 2009.
f. BSE has launched a new website www.BSEPSU.com to disseminate data on the capital market related activities in the PSU space.
Refer to the Annexure for the detailed Financial Results
Head – Corporate Affairs
Corporate.affairs@bseindia.com
February 06, 2010
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Bombay Stock Exchange Limited |
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Unaudited Financial Results for the Period ended December 31, 2009 |
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Unaudited |
Audited |
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Particulars |
Quarter ended |
Quarter ended |
Nine months ended |
Nine months ended |
Year ended |
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31-12-2009 |
31-12-2008 |
31-12-2009 |
31-12-2008 |
31-03-2009 |
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Rs. in Crores |
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Average Daily Turnover |
5,201 |
3,776 |
5,867 |
4,921 |
4,527 |
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Income from : |
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- Trading Members |
28.91 |
24.49 |
105.54 |
99.28 |
123.70 |
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- Investment & Deposits |
58.71 |
60.41 |
197.20 |
163.10 |
221.82 |
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- Services to Corporates |
17.87 |
7.37 |
40.68 |
23.01 |
29.24 |
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- Training Institute |
1.23 |
1.42 |
4.13 |
5.38 |
7.08 |
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- Other Income |
12.49 |
8.42 |
27.85 |
25.77 |
39.25 |
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Total Income |
119.21 |
102.11 |
375.40 |
316.54 |
421.09 |
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Expenditure : |
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- Employee Costs |
19.18 |
5.01 |
37.93 |
22.16 |
29.49 |
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- Computer Technology Related Expenses |
11.19 |
11.60 |
44.01 |
32.75 |
48.16 |
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- Advertising & Market Development Expenses |
0.50 |
1.78 |
1.32 |
6.67 |
3.95 |
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- Administration & Other Expenses |
10.28 |
12.92 |
31.46 |
32.67 |
44.27 |
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- Depreciation |
6.75 |
7.35 |
28.22 |
21.27 |
29.20 |
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Total Expenditure |
47.90 |
38.66 |
142.94 |
115.52 |
155.07 |
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Profit Before Tax |
71.31 |
63.45 |
232.46 |
201.02 |
266.02 |
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Tax Expenses |
15.89 |
15.98 |
64.30 |
36.81 |
53.84 |
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Profit After Tax |
55.42 |
47.47 |
168.16 |
164.21 |
212.18 |
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Earning Per Share – Basic & Diluted (in Rs.)* |
4.26 |
4.10 |
14.12 |
14.44 |
18.67 |
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Paid-up Equity Share Capital (Face Value Re.1/-) |
10.31 |
0.79 |
10.31 |
0.79 |
10.24 |
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Reserves as at March 31, 2009 |
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1,717.95 |
* Earning Per Share after Bonus Issue
Notes to Accounts:
1. The above unaudited financial results for the period ended December, 2009 have been reviewed by the Audit Committee and approved by the Board of Directors.
2. The Statutory Auditors have carried out a Limited Review of the financial results for the period ended December, 2009.
3. The Company operates only in one Business Segment i.e. "Facilitating Trading in Securities and other related ancillary Services" and hence does not have any reportable Segments as defined by Accounting Standard 17.
4. Provision for Tax has been made as per the Management's estimate of annual effective tax rate, calculated based on annual revenue budget of the Company.
5. The Company appropriates income earned (net of taxes) on earmarked funds to the respective fund balances under Reserve & Surplus. Earnings per share for the respective periods is computed after adjusting for proposed appropriations in respect of earmarked funds.
6. "Computer Technology Related Expenses" for the nine months ended 31st December, 2009 includes Rs. 1,070.90 Lakhs, being technical fee paid in advance by the Exchange to an overseas software vendor for improvements in the trading, clearing and settlement systems of the Exchange. The above amount has been charged off after adjusting Rs. 169 Lakhs, refunded by the software vendor, upon termination of the contract in half year ended 30th September, 2009.
7. Employee costs for the quarter and nine months ended 31st December, 2009 includes provision of Rs. 713 Lakhs towards arrears of salary for the period from April, 2008 to December, 2009.
8. In the current quarter, the Company has acquired 100% equity shares of Marketplace Technologies Private Limited and has made strategic long term investments in equity shares of United Stock Exchange of India Limited.
9. Previous period figures have been regrouped and rearranged, wherever necessary to make them comparable.
For and on behalf of the Board
Place:
Date: February 06, 2010 (
MD & CEO
