EconomyCompanies
MCX profit more than doubles to ₹454.6 crore as revenue jumps
The commodity exchange's September-quarter revenue rose to ₹799.7 crore from ₹374.2 crore, and it put more money into its new coal exchange arm.
Key points
- MCX's consolidated profit rose to ₹454.57 crore from ₹197.47 crore a year ago.
- Revenue from operations more than doubled to ₹799.66 crore.
- The exchange invested ₹51.5 crore in MCX Coal Exchange of India in the quarter.
Multi Commodity Exchange of India more than doubled its quarterly profit on Tuesday, riding a surge in trading on the country’s main commodity derivatives market.
Consolidated net profit for the September quarter came in at ₹454.57 crore, against ₹197.47 crore a year earlier, a rise of about 130%. Revenue from operations climbed to ₹799.66 crore from ₹374.23 crore, the exchange said in results filed with the BSE after its board met on Tuesday evening.
Earnings per share rose to ₹17.83 from ₹7.74. On a standalone basis, profit was ₹405.35 crore, up from ₹156.43 crore. Profit was also about 10% higher than the ₹413.44 crore of the June quarter, taking first-half profit to ₹868.01 crore.
The exchange kept costs in check: total expenses were ₹211.36 crore against total income of ₹851.28 crore, leaving a profit before tax of ₹639.92 crore.
Coal arm gets more capital
MCX put ₹51.5 crore into MCX Coal Exchange of India during the quarter, taking its total investment in the new subsidiary to ₹52.5 crore. Its core settlement guarantee fund stood at ₹1,472.16 crore, and the exchange said no further contribution was needed under current SEBI rules.
The figures came on the same evening that the National Stock Exchange’s board cleared the sale of up to 40% of its own coal exchange, as India’s exchanges position themselves for coal trading.