On the IPO, company did not share any timelines, though said they are working with the regulator to get approvals. business fundamentals remain strong – in H1FY23 NSE’s consolidated Profit After Tax grew 53% year-on-year to Rs34.6 billion; this is after it delivered 65% PAT CAGR over FY20-22. Growth in H2FY23 would moderate due to high base; as such for FY23 and FY24. Analysts at IIFL Capital Services estimate PAT of Rs67 billion and Rs72 billion respectively.
Ashish Chauhan takes over as CEO and MD
Ashish Chauhan has been appointed as the MD and CEO of NSE in August 2022 (SEBI approval came in July 2022, while shareholders’ approval came in August 2022). In the maiden analyst call, Mr. Chauhan shared his vision for the company saying focus to be on:
Equity Options – key driver of earnings
Option volumes, after growing at 130% p.a. over FY20-22, are up 112% year-on-year in H1FY23. It now accounts for 60% of NSE’s total income (including treasury income) versus only 25% in FY20. Increase in Option volumes is a combination of:
Uncertainty continues on IPO timelines
NSE management shared that they are working with SEBI to meet all their requirements; however, no timelines for the IPO were shared, given the uncertainty. Having said that, management remains committed to address all pending cases, so as to expedite the IPO process.
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