Dive into the thrilling world of the Multi Commodity Exchange of India Limited (MCX) as we unveil the shocking twists and turns of their latest financial quarter. From unexpected losses to soaring revenues, discover the secrets behind MCX’s rollercoaster ride and what it means for investors!
Financial Rollercoaster: MCX’s Performance in Q3FY24
Hey folks, let’s dive into the recent financial report from the Multi Commodity Exchange of India Limited (MCX) for the October-December quarter of the fiscal year 2023-24 (Q3FY24). It’s been quite a rollercoaster ride for MCX this time around.
So, here’s the deal – last year, MCX was swimming in profits, raking in a cool ₹39 crore during the same period. But fast forward to this year, and they’re singing a different tune with a net loss of ₹5.3 crore. Ouch, right? But hey, don’t lose hope just yet. Compared to the previous quarter’s loss of ₹19.07 crore, this one’s a bit of an improvement, down by 72%.
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Now, let’s talk numbers. Despite the hiccup in profits, the exchange’s revenue from operations in the December quarter soared by 33%, hitting ₹191.5 crore compared to ₹143.6 crore last year. But strangely, the stock market didn’t quite groove to this tune, with MCX shares taking a slight dip of 1.27%.
Client Surge: A 50.8% Increase in Trading Participants
According to MCX’s regulatory filing, there’s been a surge in the number of clients trying their hand at derivatives trading – a whopping 50.8% increase! That’s around 7.53 lakh clients during FY23-24 compared to last year.
But wait, there’s more. On the operational side, things got a bit rocky. MCX reported an EBITDA loss of ₹19.8 crore for the December quarter, a stark contrast to the ₹44.14 crore in the same period last year. Blame it on payments to tech vendors and contributions to SGF, as per their exchange filing.
Income Insights: Total Revenue Hits ₹209.26 Crore
Looking at the big picture, the exchange’s total income for the quarter ending December 31, 2023, stood tall at ₹209.26 crore, marking a decent 13.72% increase from last year. Similarly, the EBITDA for the December quarter saw a surge of 79.88%, totaling ₹1.97 crore compared to ₹9.79 crore in the previous quarter.
Now, onto the trading scene. Futures saw a 10.8% hike in average daily turnover (ADT), hitting ₹20,796 crore during Q3 FY23-24 from ₹18,763 crore before. Options also joined the party, with an ADT of ₹95,989 crore compared to ₹85,873 crore in the previous quarter.
(IMAGE CREDITS-Shutterstock)
Employee Costs: A Closer Look at Expenditure
Employee costs for MCX during the quarter stood at ₹29 crore, a slight bump from ₹23 crore last year. And guess what? The number of total traded clients also saw a healthy 7.4% growth rate over the previous quarter, reaching 4.77 lakh.
So, there you have it – a glimpse into MCX’s financial rollercoaster ride. It’s been a wild one, but they’re still holding steady amidst the ups and downs. Let’s see what the future holds for them!
Bhaarat Bulletin’s Shikha Rai, Bimal Dev, and livemint have contributed to the above report