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National Stock Exchange, the most sought unlisted share on 05.02.2021 has given its 3rd quarter results for FY20-21. A copy of the results is available with UnlistedZone. On examination, the results are outstanding.

Key Highlights
1. NSE has shown a robust revenue growth of 46% YoY for the first 9MFY21. It has clocked revenue of 4237 Crores in the first 9MFY21 as compared to 2886 Crores in the same period last year.
2. Expenses are up by just 15% in the first 9MFY21 as compared to last year in the same period.
3. NSE has clocked a PBT of  3100 Crores in the first 9MFY21 as compared to 1967 Crores last year.
4. In the 9MFY21 quarter, the NSE has clocked an EPS of 64.
5. Trading services during the first 9MFY21 saw tremendous growth as a lot of retail investors participated in the market.

Segment Results (in Crores)

Revenue Segment 9MFY21 9MFY20
Trading Services 3226 1996
Clearing Services 351 261
Data feed Services 92 77
Index Licensing Services 107 79
Total 3776 2413

Covid-19 Impact
The Coronavirus (COVID-19) outbreak is an unprecedented global situation, declared as a ‘pandemic’ by the World Health Organisation. Based on the Group’s current assessment, the impact of COVID-19 on its operations and the resultant financial performance except for its education and E-learning business is not likely to be significant.

Valuation
If we annualize the 9MFY21 results , NSE can easily fetch an EPS of 80 this year. Currently, it is trading at 1850 in the unlisted market. Accordingly, the P/E based on FY21 earning would come around 23. In the listed segment, BSE currently trading at P/E of 23. With NSE almost 6x more trading volume than BSE, it can easily command a P/E of 30 for fair value. If we give P/E of 30 to NSE, the fair value comes out to be ~2400.

Results Link.

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