BSE Q2 Review - Strong Beat Led By Higher Market Share: Motilal Oswal
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Motilal Oswal Report
BSE Ltd. reported a strong operational revenue growth of 42% YoY in Q2 FY22. The revenue beat to our estimate was led by a 15% YoY increase in equity transaction charges on account of strong volumes and market share gains.
Revenue from the Star Mutual Fund platform rose 22% YoY in H1 FY22. Overall volumes (number of orders) saw a 99% YoY increase in Q2 FY22.
BSE continues to command strong market positioning. The management is open to monetisation of the Star MF platform via sale to a strategic investor.
BSE saw its market share increase in both the cash equity and derivatives segments in Q2 FY22, which it attributed to interoperability by some of brokers and listing of IPOs.
The management expects a gradual increase in market share, which will drive equity volumes for the company.
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