BSE Ltd

BSE was established in 1875 and is Asias first Stock Exchange and one of Indias leading exchange groups. Over the past 144 years, BSE has provided a capital-raising platform and provided a platform for trading in equity, debt instruments, derivatives and mutual funds. It also has a platform for trading in equities of small-and-medium enterprises (SME).(Source : 201903 Annual Report Page No: 231)

Pros:
Company has reduced debt.
Company is virtually debt free.
Stock is trading at 0.79 times its book value
Stock is providing a good dividend yield of 6.71%.
Company has been maintaining a healthy dividend payout of 58.04%
Cons:
The company has delivered a poor growth of 2.21% over past five years.
Tax rate seems low
Company has a low return on equity of 8.49% for last 3 years.
Contingent liabilities of Rs.1139.95 Cr.
** Remarks:
Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: Finance // Industry: Finance & Investments

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
143 128 174 151 165 169 191 154 157 173 168 161
80 82 115 90 85 92 110 97 105 116 116 107
Operating Profit 63 46 59 62 80 77 81 57 52 57 52 55
OPM % 44% 36% 34% 41% 49% 45% 42% 37% 33% 33% 31% 34%
Other Income 28 30 34 497 11 10 10 13 16 8 19 8
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 12 13 15 10 11 11 13 12 12 13 15 12
Profit before tax 80 63 78 549 79 75 77 59 56 52 56 50
Tax % 4% -1% 7% 2% 16% 22% 19% 12% 18% 4% 8% 18%
Net Profit 76 53 73 524 67 59 62 52 46 50 52 41
EPS in Rs 9.00 95.94 12.24 10.75 11.41 9.64 8.72 9.52 9.87 7.86
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
464 494 534 506 484 584 635 581 638 540 660
168 187 209 238 240 319 358 355 402 439 443
Operating Profit 296 308 325 267 244 264 278 227 236 101 217
OPM % 64% 62% 61% 53% 50% 45% 44% 39% 37% 19% 33%
Other Income 32 40 -20 -66 -17 -10 -12 103 568 173 50
Interest 0 1 1 2 0 1 0 1 1 1 1
Depreciation 35 38 34 28 32 59 54 54 45 51 52
Profit before tax 293 309 270 171 194 195 212 275 757 223 214
Tax % 27% 25% 24% 22% 18% 22% 17% 4% 7% 10%
Net Profit 232 216 178 109 135 130 133 221 689 199 189
EPS in Rs 41.00 129.34 38.47 35.97
Dividend Payout % 18% 19% 36% 39% 31% 40% 61% 68% 28% 78%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:2.21%
3 Years:-5.27%
TTM:-2.71%
Compounded Profit Growth
10 Years:%
5 Years:2.04%
3 Years:6.60%
TTM:-20.91%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:%
1 Year:-19.50%
Return on Equity
10 Years:%
5 Years:7.84%
3 Years:8.49%
Last Year:6.85%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
10 10 10 10 10 11 11 11 11 10
Reserves 1,941 2,114 2,220 2,279 2,366 2,561 2,512 2,652 3,070 2,925
Borrowings 279 157 559 1 1 4 1 3 0 0
952 1,329 1,158 1,657 1,696 1,629 1,729 2,527 1,926 1,588
Total Liabilities 3,183 3,611 3,947 3,947 4,074 4,205 4,252 5,193 5,006 4,524
112 199 184 194 190 251 237 249 207 204
CWIP 13 1 20 20 34 4 3 6 7 18
Investments 1,877 1,807 1,387 1,354 2,186 2,276 2,118 1,996 2,442 2,380
1,180 1,603 2,356 2,380 1,663 1,674 1,894 2,942 2,351 1,923
Total Assets 3,183 3,611 3,947 3,947 4,074 4,205 4,252 5,193 5,006 4,524

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
-24 -227 -56 -153 -44 817 -239 -318
63 295 128 371 164 95 -236 347
-24 356 -197 -45 -120 -85 108 -347
Net Cash Flow 15 424 -125 173 -0 827 -366 -318

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 14% 13% 11% 11% 10% 10% 11% 10% 8%
Debtor Days 8 25 27 25 26 23 27 43 31 33
Inventory Turnover