BSE Q1 Results Review - Strong Operating Performance Led To Net Profit Growth: Motilal Oswal

Motilal Oswal Report

BSE Ltd. reported a strong performance in Q1 FY25 with a profit after tax of Rs 2.64 billion, an increase of 160% YoY and 148% QoQ (6.5% beat).

Transaction charges grew 45% QoQ and 455% YoY at Rs 3.66 billion dtiven by the derivatives segment, where charges jumped 113% QoQ to Rs 2.4 billion (6% higher than our estimates).

Star MF continued to report a healthy performance, with 72% YoY jump in volumes and revenue surging 2 times YoY to Rs 479 million.

BSE continues to gain market share in the derivatives segment as acceptance of products gets widespread. The momentum for stock futures and options launched in July 2024, is still at a nascent stage.

Considering the uncertainty on the eventual F&O regulations that are likely to be announced, we have maintained our Neutral rating on the stock with a 1- year target price of Rs 2,700.

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