BSE Reports Three-Fold Rise In Profit In January-March Quarter

India's first, and only listed stock exchange BSE Ltd. reported a three-fold rise in profit in its first quarterly earnings since going public.

Net profit of BSE and its subsidiaries in the March-ended quarter grew 258 percent from the same quarter last year to Rs 72.6 crore, according to a stock exchange filing. Total income grew 21 percent to Rs 231 crore in the same period.

Operating profits rose 7 percent year-on-year to Rs 97.7 crore, however, operating margins contracted 6 percentage points from 42 percent in the same quarter last year.

The board has recommended a final dividend of Rs 23 per share, in addition to the Rs 5 per share dividend it had announced in February this year.

Asia's oldest bourse went public in February, listing at a 36 percent premium to its issue price. There was high demand from investors for shares tendered through the initial public offering, and the issue was subscribed 51 times by the time the offer closed.

Its domestic rival National Stock Exchange of India Ltd. too has filed its draft prospectus for a Rs 10,000-crore IPO, through which existing investors are looking to offload 25 percent stake.

Following the results shares of BSE Ltd. closed 0.7 percent lower on the NSE, tracking the benchmark Nifty 50 index fell 0.8 percent.