MCX Q2 results: Net loss at ₹19 crore, revenue rises 30% | Mint
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Business News/ Companies / Company Results/  MCX Q2 results: Net loss at 19 crore, revenue rises 30%
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MCX Q2 results: Net loss at ₹19 crore, revenue rises 30%

MCX attributed the sharp loss during the September 2023 quarter to the contribution made to the Settlement Guarantee Fund and payments made to the technology vendor.

MCX is India’s largest exchange in the commodity derivatives market segment (Photo: Ramesh Pathania/Mint)Premium
MCX is India’s largest exchange in the commodity derivatives market segment (Photo: Ramesh Pathania/Mint)

Multi Commodity Exchange of India (MCX) has reported a net loss of 19.07 crore in the second quarter of fiscal year 2023-24 (Q2FY24), as per the financial results declared on November 8.

Contrary to the net loss, the commodity derivatives exchange was profitable in the year-ago and quarter-ago periods. The net profit stood at 63.3 crore in Q2FY23 and at 19.6 crore in Q1FY24.

MCX attributed the sharp loss during the September 2023 quarter to the contribution made to the Settlement Guarantee Fund (SGF).

Also Read: MCX receives SEBI approval to launch new Commodity Derivatives Platform

“Despite the contribution to the SGF of 11.4 crore and payments made to technology vendor, the loss for the quarter was limited to Rs. 19.07 crore," it said in a release. 

The company's revenue from operations, however, increased during the quarter under review by 30 percent. It came in at 165.11 crore versus 127.4 crore in the corresponding quarter of the previous fiscal.

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Sequentially, the revenue from operations was higher by 13.3 percent from 145.7 in the quarter ended June 2023.

The exchange recorded negative earnings before interest, taxes, depreciation and amortisation (EBITDA) of 9.79 crore in Q2FY24, down 131 percent from a positive EBITDA of 31.13 crore reported in the preceding quarter.

Average daily turnover (ADT) of futures and options during Q2FY24 rose by 25.5 percent to reach 1.05 lakh crore, compared to the previous quarter’s 83,341 crore, MCX said.

Also Read: Tech transition ups the ante for commodity exchange MCX

The traded clients witnessed a sequential growth of 13.1 percent, reaching 4.45 lakh during Q2FY24 as against 3.93 lakh in the previous quarter.

“Options’ ADT grew by 38.7 percent to 85,873 crore in Q2FY24 from 61,928 crore in Q1FY24," the exchange added.

In the trading session on November 8, MCX's scrip settled at 2,622.20 apiece on the BSE, down 0.17 percent as against the previous day's close.

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Published: 08 Nov 2023, 11:03 PM IST
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