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MCX Q3 results: Net loss of Rs 5.3 crore, revenue up 33% YoY; 5 key aspects


MCX Third Quarter Results: Multi Commodity Exchange of India Limited (MCX) announced October-December quarter results for fiscal year 2023-24 (Q3FY24), reporting a net loss of $5.3 crore, compared to a net profit of $39 crore in the same period last year. Sequentially, India’s largest exchange’s net loss in the commodity derivatives market segment narrowed 72 per cent to $19.07 crore in the previous September quarter.

Trading income of the leading commodity derivatives exchange in the December quarter rose 33 per cent to $191.5 crore, compared to $143.6 crore in the same period last year. On Friday, MCX shares closed down 1.27 percent in $3,830.70 each in the BSE.

“The total clients traded in derivatives on the exchange witnessed a growth of 50.8 per cent reaching around 7.53 lakh during FY23-24 during the corresponding period last year,” MCX said in a regulatory filing. to the stock exchanges.

Also read: MCX Second Quarter Results: Net Loss in $19 Crores, Revenue Up 30%

Here are 5 key points from the MCX Q3 scorecard:

1.Operational performance

On the operational front, the company’s earnings before interest, taxes, depreciation and amortization (EBITDA) in the December quarter stood at $19.8 crore, compared to an EBITDA of Rs. 44.14 crore in the corresponding period last year, mainly due to payment made to the technology provider and contribution to SGF, MCX said in its exchange filing.

For the quarter ended December 31, 2023, MCX’s total revenue stood at Rs. 209.26 crore as compared to Rs. 163.65 crore during the corresponding period of the previous year.

2.Sequential numbers

MCX’s total revenue increased by 13.72 percent to Rs. Rs 209.26 crore. 184.02 crore during the sequential quarter ended September 30, 2023. EBITDA for the December quarter increased by 79.88 percent to Rs. 1.97 crores $9.79 crore during the sequential quarter ended September 30, 2023. EBITDA margin was 0.94 per cent primarily due to payment made to technology provider and contribution to SGF.

3.Business Updates

IMD futures rose 10.8 percent to Rs. 20,796 crore during Q3FY23-24 from Rs. 18,763 crore in the previous quarter, Q2 FY23-24. Options, on the other hand, saw significant growth as its AMD increased to Rs. 95,989 crore as compared to Rs. 85,873 crore in Q2 FY23-24. The average premium billing also increased to Rs. Rs 1,935 crore. 1,580 crore in Q2 FY23-24.

4.Costs

The cost of employees was at $29 crores in the quarter under review, as compared to $23 crore in the same period of the previous year. During the December quarter, the total number of clients transacted stood at 4.77 lakh, which is a growth rate of 7.4 per cent over the previous quarter.

During Q3FY23-24, 1.5 MT and 27.6 MT of gold (all variants) and silver (all variants) respectively were delivered through the exchange mechanism. In base metals, a total of 27,804 MT of base metals were delivered.

5. Nine months ending December 31, 2023

During the nine months ending FY23-24, the IMD of futures and options increased by 85.9 per cent reaching Rs. 1,01,508 crore, as compared to the turnover in the same period of the previous year. The IMD of commodity futures saw a decline of 16.9 per cent during FY23-24, falling to Rs. Rs 20,321 crore. 24,469 crore in the same period of the previous year.

During 9 months of FY23-24, 5.6 MT and 230.2 MT of gold (all variants) and silver (all variants) respectively were delivered through the exchange mechanism. In base metals, a total of 64,820.5 MT of base metals were delivered.

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Posted: Feb 10, 2024, 08:03 pm IST



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