BackMCX 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.
PremiumMulti 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.
Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!
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.
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
