- Revenue from operations for BSE Ltd. decreased 21.45% year-over-year and 9.09% quarter-over-quarter to Rs. 104.68 crore in Q3FY19. Investment income increased 93.28% year-over-year and 62.36% quarter-over-quarter to Rs. 68.50 crore. - Total expenses increased 24.75% year-over-year and 9.99% quarter-over-quarter due to a 58.90% year-over-year and 23.24% quarter-over-quarter rise in administration and other expenses. - Profit after tax for the quarter was Rs. 50 crore, a decrease

1. Jainam Share Consultant Pvt Ltd Sector : Exchange
VandanaPareek- Assistant Research Analyst (vandana.pareek@jainam.biz); 0261-6725518
ExchangeResult Update |
Q3FY19 | 05 Feb 2019
Investors are advised to refer through important disclosures made at the last page of the
Research Report.
Jainam Share Consultant research is available on www.jainam.in

2. Jainam Share Consultant Pvt Ltd Sector : Exchange
Quarter Update
Q3FY19
Exchange: BSE BSE Code: 533179 Current Market Price: 582.25 Date: 29-Jan-19
Latest Date 04-Feb-19
Latest Price (Rs) 581.15
52 Week High (Rs) 881.00
52 Week Low (Rs) 573.55
Face Value(Rs) 2.00
Industry PE 20.47
TTM PE 14.37
TTM Period 2018-12
Price/BV(x) 1.01
EV/TTM EBIDTA(x) 3.82
EV/TTM Sales(x) 2.20
Dividend Yield% 6.19
MCap/TTM Sales(x) 6.36
Market Cap (Rs in Cr. ) 3009.72
EV (Rs) 1040.88
Latest no. of shares (in Cr.) 5.18
BSE Ltd.
 Revenue from operation for the December
quarter was down by 21.45% Y-o-Y and
9.09% Q-o-Q i.e 104.68 cr. in Q3FY19.
 Investment income increased by 93.28%
Y-o-Y and 62.36% Q-o-Q so the investment
income during the quarter was 68.50 cr.
compared to 42.19 cr. during last quarter.
 Total expense was increased by 24.75%
Y-o-Y and 9.99% Q-o-Q due to increase in
administration and other expenses by
58.90% Y-o-Y and 23.24% Q-o-Q.
 Profit after tax for the quarter was Rs. 50
cr. i.e. decrease by 14.66% Y-o-Y and
increase by Rs. 22.90% Q-o-Q basis. The
reason for increase of PAT on Q-o-Q basis
is due fall in tax expense by 81.63% Q-o-Q.
 On 10th
Dec. 2018, BSE StAr MF processed
6.40 lac transaction in a single day. StAr
MF revenue stood at Rs. 7.7 crore with a
growth of 8.45% Q-o-Q.
 EBITDA till 31st
Dec. 2018 ( 9 month
EBITDA) was Rs. 18.74 cr. compared to Rs.
23.70 cr. during last year i.e. decrease of
20.93% during 9 month.

3. Jainam Share Consultant Pvt Ltd Sector : Exchange
Result Highlights
 BSE launched a new platform BSE Startups’ for entrepreneurs to list their startups launched
on 22 Dec. 2018. BSE has signed MOU with two venture capital firms to enable BSE to further
incentivise the startup firms in sector like IT, ITeS, biotechnology and life sciences 3D printing,
space technology and e-commerce.
 BSE commenced its commodity segment from Oct 1, 2018 and achieved highest turnover of
Rs. 621 crore on Oct 25, 2018. BSE has launched crude and copper contracts in addition to
gold. It is not looking to charge for the segment currently.
 BSE has investment of Rs. 17 crore and its provident fund has investment of Rs. 2.8 crore in
secured non-convertible debentures of IL&FS group companies. Provision of Rs. 10 crore has
been made and unrealised interest of Rs. 1.2 crore has been reversed.
 BSE-Direct, an online bidding platform for retail investor in non-competitive bidding of
government securities (G-sec) and Treasury bills (T-bills) launched on Dec 3, 2018.
 Mutual Fund : Management believes that continuous growth in mutual fund industry will
help this StAr MF segment to grow. During this quarter it processed around 0.32 crore orders
per month with a realisation of around Rs. 8.2 per order.
 Revenue from Operation :
View
 We recommend our Investors to “BUY" the stock with potential upside of 30% with Horizon of
3 years.
Particular Q4FY18 Q1FY19 Q2FY19 Q3FY19
Mutual Fund Revenue 75 60 71 77
Particular Q3FY19 Q2FY19 Y-o-Y (%) Q3FY18 Q-o-Q (%)
Transaction Charges 25.6 32.20 -20.50% 44.70 -42.70%
Treasury Income 7.10 7.50 -5.3% 10.00 -29.00%
Other Income 5.40 3.50 54.30% 6.80 -20.60%
Annual Listing 45.40 47.20 -3.80% 44.1 2.90%
Book Building 2.30 4.60 -50.00% 11.30 -79.60%
Other Services 1.70 2.60 -34.60% 2.40 -29.20%
Other operating income 17.20 17.60 -2.20% 6.40 168.30%

4. Jainam Share Consultant Pvt Ltd Sector : Exchange
Financial Information
Profit and Loss
Particular ( in Cr.) Dec.-17 Dec.-18 Var %
Revenue from operations 133.26 104.68 -21.45%
Investment income 34.44 68.50 93.28%
Other income 4.05 3.93 -2.96%
172.75 177.11 2.52%
Expenses
Employee benefits expense 29.25 35.69 22.02%
Finance costs 0.25 0.24 -4.00%
Depreciation and amortization expense 11.15 12.92 15.87%
Computer Technology Related Expense 30.35 28.65 -5.60%
Administration and other expenses 32.41 51.5 58.90%
Profit before exceptional items and tax 69.34 48.11 -30.62%
Exceptional items 3.17 0.75 -76.34%
Share of profit of associates 6.26 6.98 11.50%
Profit before tax 74.85 51.92 -30.63%
Tax expense 16.18 1.85 -88.57%
Net profit 58.67 50.07 -14.66%

5. Jainam Share Consultant Pvt Ltd Sector : Exchange
Source
 Company Conference Call
 Ace Equity
 BSE Ltd. Investor Presentation
 BSE Ltd. - Website
Name Designation Email Id
Tejas Jariwala Research Head tejas.jariwala@jainam.in
Jimit Zaveri Sr. Research Analyst jimit.zaveri@jainam.biz
Vaishali Patel Sr. Research Analyst vaishalip.patel@jainam.biz
Karan Agarwal Assistant Research Analyst karan.agarwal@jainam.biz
Vandana Pareek Assistant Research Analyst vandana.pareek@jainam.biz
Riva Patel Assistant Research Analyst riva.patel@jainam.biz
Radhika Modi Assistant Research Analyst radhika.modi@jainam.biz
Shahrukh Nalbandh Sr. Research Executive shahrukh.nalbandh@jainam.biz
Drashti Patel Jr. Research Executive drashti.patel@jainam.biz
Dhruvish Bakshi Jr. Research Executive dhruvish.bakshi@jainam.biz
Research Analyst Details:

6. Jainam Share Consultant Pvt Ltd Sector : Exchange
Disclaimer
Research Analyst Details
Name: Vandana Pareek Email Id: vandana.pareek@jainam.biz Ph: +91 0261-6725518
Analyst ownership of the stock: No
Details of Associates: Not Applicable
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