BSE Limited (earlier known as Bombay Stock Exchange) on Wednesday posted 14 per cent jump in its standalone net profit for the quarter ended September at Rs 39.22 crore from Rs 34.36 crore in the previous quarter.
The net profit margin stood at 27 per cent. But revenue from operations dipped by 5 per cent to Rs 90.47 crore from Rs 95.48 crore. However, other income moved up 15 per cent to Rs 53.86 crore in Q2 FY20 from 46.87 crore in Q1 FY20.
Earnings before interest, tax, depreciation and amortisation (EBITDA) slipped by 9 per cent to Rs 46.82 crore from Rs 51.52 crore and EBITDA margin for the quarter was at 32 per cent compared to 36 per cent in Q1 FY20.BSE said in a statement that it has undertaken buyback 67.65 lakh fully paid-up equity shares of Rs 2 each at Rs 680 per equity share through tender offer route amounting to Rs 460 crore.
The consolidated and standalone net worth of BSE stands at Rs 2,400 crore and Rs 2,065 crore as on September 30, respectively.
"The issuance of in-principle approval to BSE-Ebix Insurance Broking to act as a direct insurance broker by the Insurance Regulatory and Development Authority (IRDA) of India is a significant next step for BSE group to transform itself as the full-fledged financial services and distribution platform," said Managing Director and CEO Ashishkumar Chauhan.
In the last quarter, StAR Mutual Fund platform further consolidated its dominant position as demonstrated by continuous growth in the number of orders being received and processed in the segment.
Chauhan said the synergies in distribution network of the above business activities enable faster growth and development of both the mutual fund platform as well as insurance broking businesses.
"The implementation of inter-operability among clearing corporations is a major reform in the Indian capital market and BSE looks forward to higher liquidity across its inter-operable platforms in time to come," he said.
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