MCX tanks over 6% after firm reports over 44% drop in FY24 PAT at ₹83.11 crore

Shares of Multi Commodity Exchange of India (MCX) fell over 6% on Wednesday after the company reported its fourth quarter and fiscal year 2024 results. MCX reported a 29.66% year-over-year (y-o-y) rise in its total income to ₹199.45 crore during the fourth quarter of fiscal year 2024.

Operating income during the period rose 35.43% to ₹181.14 crore while earnings before interest tax, depreciation and amortisation (EBITDA) rose 443% to ₹120.33 crore during the quarter. Net profit jumped 16x to ₹87.87 crore during the quarter.

For the entire fiscal year 2024, MCX’s total income rose 30.59% y-o-y to ₹758.94 crore but net profit fell 44.21% to ₹83.11 crore. The exchange said EBITDA for FY24 fell 35.73% to ₹139.70 crore mainly on account of payment made to its technology vendor and contribution to the settlement guarantee fund (SGF).

MCX said that for the full year, the combined number of traded clients for futures and options witnessed a 50% growth to hit 9.32 lakh. The average daily turnover (ADT) of futures and options surged by 89.3% to reach ₹1.08 lakh crore. The ADT of commodity futures declined by 16.5% during the year to ₹19,636 crore, it said.

The company pointed out that in FY24, the notional ADT of options surged by 162% to ₹89,244 crore. The premium ADT of options for the period doubled to ₹1,698 crore from ₹823 crore the previous year.

MCX pointed out that during the fiscal year, around 7.4 tonnes and 472.8 tonnes of gold and silver, respectively, were delivered through the exchange mechanism. On the other hand, in base metals, a total of 94,036 tonnes of metal was delivered compared to 83,747 tonnes last year, it said.

Meanwhile, the board has approved a dividend of ₹7.64/- per equity share. Shares of the company have gained over 18% since the beginning of the year. The stock has risen over 157% in the last one year.