MCX down nearly 5% as profit falls 44% YoY in September quarter

Multi Commodity Exchange (MCX) fell by over 4 per cent on Monday, after the company reported 44 per cent decline in consolidated net profit at Rs 32.66 crore for the quarter ended September 2021. 

At 09:30 AM, MCX was down by about 5 per cent, and was trading at Rs 1709 per share. 

Its net profit stood at Rs 58.55 crore in the year-ago period, according to a regulatory filing. 

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Revenue from operations declined 30.7% YoY to Rs 83 crore as against Rs 119.7 crore posted last year. 

Earnings Before Interest & Taxes (EBIT) dropped 55.4% to Rs 27 crore as against Rs 60.5 crore posted last year. Margins contracted to 32.5% in Q2FY22 as against 50.5% posted in Q2FY21. 

Turnover of commodity futures and options contracts increased 10 per cent QoQ from 19.15 lakh crore in Q1FY22 to 21 lakh crore in Q2FY22. 

“Increase in turnover was primarily led by an increase in options volume from 1.21 lakh crore in Q1FY22 to 3.97 lakh crore in Q2FY22,” ICICI Securities said in a note. 

“However, future volumes have shown a sequential decline of 5% to 17.02 lakh crore from 17.93 lakh crore which led to 5% QoQ decline in revenue at 83.2 crore,” it said. 

The report further added that moderation in revenue was partially offset by nearly 3 per cent QoQ decline in operating expenditure. Other income stood at 16.1 crore, down 25 per cent on a QoQ basis. 

(With inputs from agencies)