MCX shares zoom 6% on super show in second quarter

ICICI Securities, while maintaining its ‘buy’ stance, said growth in options, stable futures volumes and reduction in software cost post migration to new platform set up good prospects for FY24.

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Shares of Multi Commodity Exchange (MCX) of India zoomed on October 25 after the company reported a stellar September quarter numbers attracting investors.

The stock rose 5.84 percent to Rs 1450 on the BSE as of 9.26 am on Tuesday.

For the quarter, the company said its net profit increased by 94 percent to Rs 63.27 crore from Rs 32.66 crore over the corresponding quarter.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter increased by 68 percent to Rs 83.84 crore from Rs 49.88 crore. The EBITDA margin was 58 percent and PAT margin was 43 percent.

For the quarter, MCX’s total income increased by 47 percent to Rs 145.64 crore from Rs 99.27 crore over the corresponding quarter ended September 30, 2021. While the operating income registered a growth of 53 percent to Rs 127.40.

The company said average daily turnover of commodity futures contracts traded on the Exchange decreased by 7.3 percent to Rs 23,918 crore in Q2FY23 from Rs 25,797 crore in Q2 FY22.

Average daily notional turnover of option contracts increased by 421 percent to Rs 31,381 crore in from Rs 6,023 crore. Total quantity of 20,767.5 MT of base metals was delivered during Q2FY23 vis-à-vis 17,691.5 MT in Q2FY22 through the exchange mechanism.

ICICI Securities, while maintaining its ‘buy’ stance, said growth in options, stable futures volumes and reduction in software cost post migration to new platform set up good prospects for FY24.

The broker has a target of Rs 1700 for the stock.

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