The National Stock Exchange of India (NSE) has reported a strong financial performance for the first quarter of FY25, marking significant growth across various key metrics. NSE's consolidated operating revenue surged by 51% year-on-year, reaching INR 4,510 crores. This impressive increase in revenue was driven not only by robust trading volumes but also by a diverse range of revenue streams, including data center and connectivity charges, clearing services, listing services, index services, and data services.
The exchange also recorded a substantial rise in profitability, with a consolidated net profit of INR 2,567 crores for Q1 FY25, up by 39% compared to the same period last year. The net profit margin for the quarter stood at a healthy 52%. Earnings per share (EPS) saw a significant jump, increasing from INR 37.26 in Q1 FY24 to INR 51.86 in Q1 FY25.
Trading activity on the exchange was particularly strong, with the cash market's average daily traded volumes (ADTVs) doubling to INR 1,22,872 crores, reflecting a 110% year-on-year growth. Equity futures also showed impressive performance, with ADTVs reaching INR 2,09,279 crores, a 101% increase compared to the previous year. The equity options segment (premium value) also saw a notable rise, with ADTVs up by 33% year-on-year, reaching INR 71,957 crores.
On a standalone basis, NSE's total operating income for Q1 FY25 was INR 4,051 crores, up 43% from INR 2,833 crores in the corresponding quarter last year. However, total expenses for the quarter stood at INR 1,762 crores, with almost half of these expenses—INR 862 crores—allocated to SEBI Regulatory Fees, additional contributions to the Core Settlement Guarantee Fund (SGF), and contributions to the Investor Protection Fund Trust (IPFT). Notably, NSE made an additional provision of INR 587 crores to boost the Core SGF corpus, which will now stand at INR 9,726 crores, nearing SEBI’s advised target of INR 10,500 crores.
At the operating level, NSE's standalone EBITDA margin was 59% for Q1 FY25, compared to 69% in the same quarter last year. The standalone net profit for the quarter was INR 1,960 crores, up from INR 1,598 crores in Q1 FY24, with a net profit margin of 45%.
In terms of contributions to the exchequer, NSE contributed a total of INR 14,003 crores for Q1 FY25. This includes INR 12,054 crores in Securities Transaction Tax (STT) and Commodities Transaction Tax (CTT), INR 236 crore in income tax, INR 1,018 crore in stamp duty, INR 362 crore in GST, and INR 333 crore in SEBI charges. Notably, 63% of the STT contribution came from the cash market segment, while the remaining 37% was from the equity derivatives segment.
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