Mumbai: Multi Commodity Exchange of India Ltd (MCX), India’s No.1 commodity exchange announced its unaudited financial results for the first quarter ended June 30, 2017.
Quarter 1, FY 2017-18 results
• For the quarter ended June 30, 2017, MCX’s total income increased by 0.29% to Rs. 87.24 crore from Rs. 86.99 crore in the sequential quarter ended Q4 FY 2017.
• For the quarter ended June 30, 2017, MCX’s total income decreased by 7.10% to Rs. 87.24 crore from Rs. 93.91 crore for the corresponding quarter ended June 30, 2016.
• EBITDA for the quarter ended June 30, 2017 increased by 9.50% to Rs. 40.92 crore from Rs. 37.37 crore in the sequential quarter ended Q4 FY 2017.
• Net Profit for the quarter ended June 30, 2017, increased by 20.48% to Rs. 26.30 crore from Rs. 21.83 crore in the sequential quarter ended Q4 FY 2017.
• For the quarter ended June 30, 2017, the EBITDA margin was 46.91% and PAT margin was 30.15%.
• The average daily turnover traded on the Exchange has decreased by 3.42% to Rs. 18,772 crore in Q1 FY 2018 from Rs. 19,437 crore in the sequential quarter of Q4 FY2017.
• The total number of commodity futures contracts traded on the Exchange for the quarter ended Q1 FY2018 increased by 2.13% to 48 million from 47 million in the sequential quarter of Q4 FY2017.
• During Q1 FY2018, the Exchange’s market share in commodity derivative space has decreased to 89.93% from 90.37% in the sequential quarter ended Q4 FY2017.
Mr. Mrugank Paranjape, MD & CEO, MCX said, “We witnessed subdued volumes on the Exchange, owing to the weak commodity prices and low volatility. With the industry bracing up for the new tax regime, certain physical market participants were seen to be cautious in stocking of their inventories. The exchange however witnessed a marginal increase in its number of participants over the previous quarter which is reflected in the higher number of contracts traded. Not only were the deliveries in the contracts, post GST implementation effected smoothly on the Exchange, we also saw the highest single month delivery (since October 2015) of 833.4 Kgs in Gold Mini. We have seen some volume improvement as well, post GST. With the new tax regime in place and launch of new instrument viz. Options, it is expected that there will be increase in the activity on the Exchange. Under GST, we see opportunities increasing with inter-state deliveries, leading to positive impact on our business volumes. MCX has already filed with SEBI, seeking approval for the first of the ‘Options on Futures’ contract. We have intensified our engagement with members, industry / hedgers and Farmers in the first quarter, by scaling up our number of awareness & training programmes.”