MCX Q2 results: Net loss at ₹19 crore, revenue rises 30%

livemint.com:

₹19.07 crore in the second quarter of fiscal year 2023-24 (Q2FY24), as per the financial results declared on November 8. Contrary to a net loss, the commodity derivatives exchange was profitable in the year-ago and quarter-ago period. 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). “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. Sequentially, the revenue from operations was higher by 13.3 percent from ₹145.7 in the quarter ended June 2023.

The exchange recorded a 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. 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.