BSE-Financial Results
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Financial Results
  • Consolidated
  • Standalone
  • BSE Limited
    (Formerly known as Bombay Stock Exchange Limited)
    Registered office: Floor 25, P J Towers, Dalal Street, Mumbai 400001
    Statement of Unaudited Consolidated Financial Results for the Quarter and Nine Month Period Ended December 31, 2013
    ( in Lakh)
    ParticularsFor The Quarter Ended December 31, 2013 (Unaudited) For The Quarter Ended September 30, 2013 (Unaudited)For The Quarter Ended December 31, 2012 (Unaudited)For The Nine Month Period Ended December 31, 2013 (Unaudited) For The Nine Month Period Ended December 31, 2012 (Audited)For The Year Ended March 31, 2013 (Audited)
    I. INCOME
    a) Operating Income 5,675 5,261 6,153 16,361 17,533 24,079
    b) Investments and Deposits Income 5,988 6,066 6,331 18,798 19,605 26,956
    Total Income 11,663 11,327 12,484 35,159 37,138 51,035
    II. EXPENDITURE
    a) Employee Costs 2,117 2,061 1,914 6,298 5,943 8,009
    b) Computer Technology Related Expenses 1,705 1,674 1,886 4,963 5,237 7,149
    c) Administration and Other Expenses 2,143 2,029 2,211 6,363 5,639 9,035
    d) Depreciation and Amortisation 849 761 742 2,291 2,033 2,831
    Total Expenditure 6,814 6,525 6,753 19,915 18,852 27,024
    III. Profit from Ordinary Activity before Other Income , Prior Period items, Interest, Exceptional items & Tax 4,849 4,802 5,731 15,244 18,286 24,011
    a) Other Income 1,051 1,114 1,083 3,276 3,194 4,245
    IV. Profit from Ordinary Activity before Prior Period items, Interest, Exceptional items & Tax 5,900 5,916 6,814 18,520 21,480 28,256
    a) Prior Period items (net) - - - - 1,027 1,027
    V. Profit from Ordinary Activity before Interest, Exceptional items & Tax 5,900 5,916 6,814 18,520 20,453 27,229
    a) Interest 8 13 31 23 242 245
    VI. Profit from Ordinary Activity before Exceptional items & Tax 5,892 5,903 6,783 18,497 20,211 26,984
    a) Exceptional Items (Note 4) 1,159 1,812 1,756 4,964 8,284 9,791
    VII. Profit from Ordinary Activity before Tax 4,733 4,091 5,027 13,533 11,927 17,193
    a) Extraordinary Item - - - (85) 89 73
    VIII. Profit before tax 4,733 4,091 5,027 13,618 11,838 17,120
    a) Tax Expense 1,074 564 1,264 2,664 3,265 3,745
    IX. Net Profit For The Period/Year after tax but before Minority Interest & Share of associates 3,659 3,527 3,763 10,954 8,573 13,375
    Share of Minority 409 381 590 1,425 1,894 2,485
    Share of Loss of Associate 12 12 9 31 44 33
    X. Net Profit For The Period /Year 3,238 3,134 3,164 9,498 6,635 10,857
    Paid up Equity Capital (Face Value Per Share 1 Each) 1,038 1,038 1,037 1,038 1,037 1,037
    Reserves (Excluding Revaluation Reserve) 227,938
    Basic and Diluted EPS before Extraordinary Item (Refer Note Below) 3.05 2.96 2.98 8.90 6.33 10.34
    Basic and Diluted EPS after Extraordinary Item (Refer Note Below) 3.05 2.96 2.98 8.96 6.26 10.25
    Note: Basic and Diluted EPS is not annualised for the quarter and nine month period ended results. EPS is calculated on shares issued by the company.


    1.    The above consolidated financial results for the quarter and Nine month period ended December 31, 2013 have been reviewed by the Audit Committee and approved by the Board of Directors on February 3, 2014
         
    2.   The Consolidated results of the group includes seven subsidiaries, a joint venture and an associate. The results of all the subsidiaries, a joint venture and an associate included in the consolidated results have been reviewed by their auditors.
         
    3.   As per the definition of 'business segment' and 'geographical segment', contained in Accounting Standard-17 "Segment Reporting", the Management is of the opinion that as the Exchange's operations comprise of two segments viz. a) Stock exchange activity i.e. facilitating trading of securities and the activities incidental there to and b) Depository activity i.e. providing depository related services, accordingly following disclosure is made.

    ( in Lakh)
    Sr. NoParticularsFor The Quarter Ended December 31, 2013 (Unaudited) For The Quarter Ended September 30, 2013 (Unaudited)For The Quarter Ended December 31, 2012 (Unaudited)For The Nine Month Period Ended December 31, 2013 (Unaudited)For The Nine Month Period Ended December 31, 2012 (Audited)For The Year Ended March 31, 2013 (Audited)
    ISegment Revenue
    (a) Stock Exchange Activity
    - Operations5,5075,1235,87715,96216,53922,725
    - Related Activities (Treasury)3,8293,8183,97311,48312,16216,006
    (b) Depository Activity2,4822,4782,6828,0488,48712,360
    Total11,81811,41912,53235,49337,18851,091
    Less : Inter Segment Revenue-- -- - -
    Total Income11,81811,41912,53235,49337,18851,091
    IISegment Results before exceptional items
    (a) Stock Exchange Activity
    - Operations1,5581,4031,9244,7144,0476,068
    - Related Activities (Treasury)3,7963,7903,95011,38512,08415,903
    (b) Depository Activity1,3651,2351,4444,4185,8947,301
    Total6,7196,4287,31820,51722,02529,272
    Less : Exceptional Items1,1591,8121,7564,9648,2849,791
    IIISegment Results after exceptional items
    (a) Stock Exchange Activity
    - Operations399(409) 168(250) (4,237) (3,723)
    - Related Activities (Treasury)3,7963,7903,95011,38512,08415,903
    (b) Depository Activity1,3651,2351,4444,4185,8947,301
    Total5,5604,6165,56215,55313,74119,481
    Add : Unallocated Corporate Income8961,0221,0352,9423,1444,189
    Less : Unallocated Corporate Expenses1,7231,5471,6594,9625,0476,477
    Less : Extraordinary Items--(89) (85) -73
    IVProfit before taxation4,7334,0915,02713,61811,83817,120
    Less : Provision for taxation1,0745641,2642,6643,2653,745
    VProfit after taxation3,6593,5273,76310,9548,57313,375
    As atAs at
    December 31, 2013 (Unaudited)March 31, 2013 (Audited)
    VICapital Employed
    (a)Stock Exchange Activity
          - Operations13,9673,739
          - Related Activities (Treasury)179,750186,574
    (b) Depository Activity 35,30134,940
    (c) Unallocated 9,5393,723
    Total 238,557228,976

    4.    Pursuant to SEBI Circular CIR/DNPD/5/2011 dated June 2, 2011 (BSE Notice no-20110602-18, dated June 02, 2011), permitting stock exchanges to introduce Liquidity Enhancement Schemes (LES) for illiquid securities in their equity derivatives segment, the Exchange has launched a series of Liquidity Enhancement Incentive Programmes (LEIPS) to enhance liquidity in BSE's Futures & Options Segment. The programme was launched on September 28, 2011 and an expense of 4,964 lakh has been incurred towards the same for the nine month period ended December 31, 2013 ( 8,047 lakh for the nine month period ended December 31, 2012). Considering the special nature of this expense and its impact on the profit of the Exchange, the same has been recognised as an exceptional item.
         
    5.   The Securities Contracts (Regulation) (SECC) Regulations, 2012 dated June 20, 2012 requires every recognised stock exchange to credit twenty five percent of its annual profits every year to a fund to guarantee settlement of trades of the recognised clearing corporation(s) which clears and settles trades executed on that stock exchange. BSE has sought certain clarifications/guiding principles from SEBI regarding the norms for sourcing including transfer of profits by stock exchanges to the above mentioned fund and the methodology to be adopted. Pending receipt of clarifications/guiding principles from SEBI in the matter, no transfer of profits has been recorded in the books of account as at December 31, 2013.
         
    6.   Depositories and Participants (Amendment) Regulations, 2012 dated September 11, 2012 requires every depository company to establish and maintain an Investor Protection Fund for the protection of interest of beneficial owners and every depository is required to credit twenty five percent of its profits every year to the Investor Protection Fund.
    Central Depository Services (India) Limited (CDSL) has sought clarification from SEBI on whether the amount of contribution to IPF is to be calculated at twenty five percent of the operating profits of CDSL before tax and available after making such contribution, from its depository business. Pending clarification from SEBI, CDSL has calculated IPF contribution of 893 lakh for the nine month period ended December 31, 2013 , being twenty five percent of the net profits before tax, available after making such contribution.
    If the contribution is calculated at twenty five percent of the operating profits before tax, available after making such contribution, the amount of contribution would be 527 lakh.
         
    7.   The Indian Clearing Corporation (ICCL) has commenced clearing and settlement operations for Currency Derivative and contributed 250 lakhs for constitution of Settlement Guarantee Fund of Currency Derivative segment, from the opening balance in the statement of profit and loss. The Indian Clearing Corporation (ICCL) is shortly commencing clearing and settlement operations for Dedicated Debt Segment. Consequently, during the period the ICCL has contributed 100 lakhs for constitution of Settlement Guarantee Fund of Debt Segment, from the opening balance in the statement of profit and loss.
         
    8.   The Statutory Auditors have carried out a review of the financial results for the Nine Month period ended December 31, 2013.
         
    9.   Previous period figure's have been regrouped / reclassified wherever necessary to correspond with the current period's classification / disclosure.
         
         
        For and on behalf of Board of Directors of
        BSE LIMITED
         
    Mumbai, February 3, 2014   Ashishkumar Chauhan
    Managing Director & CEO