Stock market major BSE on Thursday reported an exponential rise of 1,098 per cent in its consolidated net profit for the first quarter (Q1) of 2017-18 due to addition of exceptional items.
According to the company, the Q1 consolidated net profit increased to Rs 523.70 crore from Rs 43.70 crore reported for the Q1FY17.
"The parent company has partially divested its stake in a subsidiary company on June 29, 2017. The divestment has resulted in a loss of control and therefore the profit on sale of the investment in the subsidiary amounting to Rs 45,118 lakh has been credited to the consolidated financial results during quarter ended June 30, 2017," the company said in a regulatory filing.
"Further, the parent company had partially divested its stake in the above subsidiary in October 2016 which did not result in a loss of control and hence the profit on divestment amounting to Rs 1,057 lakh was credited to retained earnings under the head 'Other Equity' during the year ended March 31, 2017. The said profit of Rs 1,057 lakh has now been credited to the consolidated financial results during quarter ended June 30, 2017."
BSE's consolidated total income during the quarter under review increased by 11 per cent to Rs 158.38 crore from Rs 142.73 crore in Q1FY17.
Besides, its revenue from operations was up 26 per cent at Rs 102.64 crore from Rs 81.21 crore in Q1FY17.
The firm's EBITDA (earnings before interest, taxes, depreciation and amortisation) increased by 16 per cent to Rs 71.61 crore from Rs 61.76 crore.
"BSE aims to grow both organically and inorganically... Our international exchange continues to get attraction from investors and we are focused on achieving the target of enabling Indian firms to compete on equal footing with offshore firms," said Ashishkumar Chauhan, MD and CEO of BSE.
"As a strategy, BSE strives to obtain leadership position in newer opportunities while consolidating and improving its market share in areas where it is at a competitive disadvantage."
--IANS
rv/vt
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