The National Stock Exchange posted an 8% rise in fourth-quarter consolidated profit on Tuesday, boosted by growth in equity derivatives trading, as the country's biggest bourse edges closer to a long-awaited market listing.
The exchange posted a consolidated profit after tax of Rs 28.71 billion ($301.62 million) for the quarter ended March 31, compared with a profit of Rs 26.50 billion a year earlier. Total income rose about 22% year-on-year to Rs 53.6 billion.
The results come as the NSE moves closer to a long-awaited stock market debut after clearing key regulatory hurdles earlier this year. India's market regulator cleared the exchange to proceed with an initial public offering through an offer-for-sale by existing shareholders, following years of delays linked to probes and litigation over governance and trading practices.
The exchange, India's largest unlisted company by number of investors, has since set up a committee to oversee listing-related matters, underscoring efforts to bring structure to what could be one of the country's biggest public offerings.
Revenue from transaction charges climbed 39% to Rs 40.77 billion, driven mainly by higher volumes in equity options and cash market trading. Equity options activity remained the biggest contributor to transaction revenue during the quarter.
Total expenses rose 32% year-on-year to Rs 14.86 billion, reflecting higher provisions, including 2.23 billion earmarked for corporate social responsibility spending and Rs 840 million related to pending settlement applications with the market regulator.
NSE's board recommended a final dividend of Rs 35 per equity share, including a special one-time payout of Rs 10, subject to shareholder approval.
