Q4FY2025 Results of NSE

Document Summary

Price Waterhouse & Co Chartered Accountants LLP has issued an independent auditor's report on the standalone and consolidated financial results of the National Stock Exchange of India Limited (NSE) for the year ended March 31, 2025.

Standalone Financial Results:

• Opinion: The standalone financial results have been audited and, in the auditor's opinion, present a true and fair view in conformity with the requirements of Regulation 33 of the Listing Regulations and Indian Accounting Standards.
• Basis for Opinion: The audit was conducted in accordance with the Standards on Auditing specified under Section 143(10) of the Companies Act, 2013.
• Emphasis of Matter: Note 5 refers to SEBI orders regarding colocation, dark fiber, and governance matters. While the future outcome is uncertain, and except for a Rs. 100 crore penalty, no provision has been recognized, and the opinion is not modified.
• Board of Directors' Responsibilities: The Board is responsible for preparing financial results that give a true and fair view, maintaining adequate accounting records, and designing and implementing internal financial controls.
• Auditor's Responsibilities: The auditor's responsibility is to obtain reasonable assurance about whether the financial results are free from material misstatement.
• Other Matter: The standalone financial results include the results for the quarter ended March 31, 2025, being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year, which were subject to limited review.
• Key Financial Data (Standalone):
  • Revenue from operations: Rs. 15,433.00 crores (2025 Audited) vs Rs. 13,510.54 crores (2024 Audited)
  • Total Income: Rs. 19,823.26 crores (2025 Audited) vs Rs. 14,959.49 crores (2024 Audited)
  • Total expenses: Rs. 5,382.86 crores (2025 Audited) vs Rs. 4,397.88 crores (2024 Audited)
  • Profit for the period / year: Rs. 11,245.70 crores (2025 Audited) vs Rs. 6,635.31 crores (2024 Audited)
  • Earnings per share (EPS): Rs. 45.44 (2025 Audited) vs Rs. 26.81 (2024 Audited)
• Key Events/Decisions:
  • Recommended final dividend of Rs. 35 per share (including a one-time special dividend)
  • Bonus equity share issuance in the ratio of 4:1
  • Voluntary contribution to Core Settlement Guarantee Fund (Core SGF)

Consolidated Financial Results:

• Opinion: The consolidated financial results have been audited, and in the auditor's opinion, give a true and fair view of the consolidated net profit and other comprehensive income, the consolidated statement of assets and liabilities, and the consolidated statement of cash flows.
• Basis for Opinion: The audit was conducted in accordance with the Standards on Auditing specified under Section 143(10) of the Companies Act, 2013, considering the reports of other auditors on the financial statements of subsidiaries and associates.
• Emphasis of Matter: Similar to the standalone results, Note 4 refers to SEBI orders related to colocation, dark fiber, and governance matters, with no modification to the opinion.
• Board of Directors' Responsibilities: The Board is responsible for preparing consolidated financial results that give a true and fair view and maintaining adequate accounting records.
• Auditor's Responsibilities: The auditor's responsibility is to obtain reasonable assurance about whether the consolidated financial results are free from material misstatement.
• Other Matter: The consolidated financial statements include audited financial statements of two subsidiaries and standalone financial statements of two subsidiaries, and unaudited financial information of one subsidiary. The auditor's opinion relies on the reports of other auditors.
• Key Financial Data (Consolidated):
  • Revenue from operations: Rs. 17,140.68 crores (2025 Audited) vs Rs. 14,780.01 crores (2024 Audited)
  • Profit for the period / year from continuing operations: Rs. 11,605.75 crores (2025 Audited) vs Rs. 8,406.48 crores (2024 Audited)
  • Profit for the period / year: Rs. 12,187.69 crores (2025 Audited) vs Rs. 8,305.74 crores (2024 Audited)
  • Total assets: Rs. 69,466.64 crores (2025 Audited) vs Rs. 65,464.00 crores (2024 Audited)
• Key Events/Decisions:
  • Recommended final dividend of Rs. 35 per share (including a one-time special dividend)
  • Bonus equity share issuance in the ratio of 4:1
• Segment Information: The Group has identified Trading Services, Clearing Services and Others as reporting segments
• Divestments:
  • NSE Investments Limited divested its stake in Power Exchange India Limited (PXIL)
  • NSE Investments Limited disposed of its entire stake in Protean e-Gov Technologies Limited

SEBI Matters:

• The company has been involved in several show-cause notices and orders from SEBI related to colocation, dark fiber, governance, and trading access point (TAP) matters.
• The company is contesting several orders and has obtained legal opinions supporting its position.
• The company has paid certain penalties and settlement amounts as directed by SEBI.

Other Notes:

• The company has restated figures for comparative periods where necessary.
• The financial results have been prepared in accordance with Indian Accounting Standards (Ind AS).