National Stock Exchange of India Ltd (Unlisted) – Q4 FY25 Results Overview
Key Financial Highlights:
- Revenue from Operations: ₹3,771 crore
Down 13% quarter-on-quarter (QoQ) and 18% year-on-year (YoY), reflecting softer trading volumes and a high base in the previous year. - Net Profit (PAT): ₹2,650 crore
A sequential decline of 31%, but a 7% increase YoY, supported by strong operational efficiency despite lower revenue. - Profit Before Tax (PBT): ₹3,365 crore
Down 32% QoQ and marginally lower YoY, largely due to the absence of exceptional gains seen in Q3. - Earnings Per Share (EPS): ₹10.11
Down 35% QoQ, up 0.6% YoY, with the recent bonus issue impacting the per-share calculation. - Final Dividend: ₹35 per share (including a special dividend of ₹11.46).
Performance Insights:
- Revenue Trends:
Operational revenue dropped sharply both sequentially and annually, driven by reduced trading activity across cash and derivatives segments. Transaction charge income, which forms the bulk of NSE’s revenue, fell 22% YoY and 15% QoQ. - Profitability:
Net profit saw a steep QoQ decline, mainly due to the absence of a large one-off gain reported in Q3. However, on a YoY basis, profitability improved, underlining stable core operations. - Expenses & Margins:
Total expenses rose 10% YoY to ₹1,119 crore, with technology costs jumping 25% YoY to ₹304 crore. EBITDA margin for the quarter was 74%, down from 78% in Q3 but higher than 66% in Q4 last year. - Strategic Updates:
The board has recommended a final dividend of ₹35 per share, which includes a special payout. The quarter also saw a bonus issue (4:1), impacting EPS calculations.
Summary Verdict:
NSE’s Q4 FY25 performance was mixed. While revenue and profit declined sharply on a sequential basis due to lower market activity and the absence of exceptional gains, the exchange delivered a resilient YoY profit growth and maintained healthy margins. Expense management, especially in technology, remains a focus area as trading volumes fluctuate.
