Home / Companies / Company Results /  MCX posts over 12.5% YoY rise in Q3 PAT to 39 cr, revenue increases

Securities and commodities exchanges company, Multi Commodity Exchange (MCX) on Saturday reported its third quarter earnings for FY23, under which, its profitability was a mixed bag but top-line front picked up momentum. MCX posted a 12.6% growth in its consolidated net profit to 38.79 crore which is attributable to the owners for the third quarter of FY23. The company posted a profit of 34.46 crore a year ago same period.

However, Q3 PAT declined by 38.69% from 63.27 crore recorded in the September 2022 quarter.

Consolidated income from operations stood at 143.57 crore in Q3 of the current fiscal, rising from 89.55 crore in Q3 of the previous fiscal and 127.40 crore in the preceding quarter.

Total income came in at 163.65 crore in Q3FY23 versus 104.06 crore in Q3FY23 and 145.64 crore in Q2FY23.

For the nine months period, MCX's net profit is at 106.92 crore versus 143.45 crore in 9MFY22. Income from operations stood at 379.76 crore in 9MFY23 compared to 260.35 crore in the corresponding period of the previous year.

In its financial audit report, MCX said that the holding company had entered into an agreement with Tata Consultancy Services (TCS) where the new Commodity Derivative Platform (CDP) was to be developed, tested, and delivered by TCS by September 30, 2022.

However, since the said new system is under development, the company considering the exigency to ensure continuity of the existing commodity derivatives trading and clearing platform has issued a Purchase Order on September 30, 2022, to the existing service provider, 63 Moons Technologies, to extend their support and management services to the existing commodity trading platform for the period October 1, 2022, to December 31, 2022, for 60 crore (plus applicable taxes).

These services were further extended for another two quarters, ending on June 30, 2023, for 81 crore per quarter as per the minimum period of services offered by the vendor.

On BSE, MCX shares closed at 1,510.05 apiece up by 2.72% on Friday. The company's market cap is around 7,701.01 crore as of February 3rd.

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