| FTIL posts 113% rise in net profit | |
| BS Reporter / Mumbai July 2, 2009, 13:24 IST | |
Financial Technologies India Ltd (FTIL), the promoter of India’s largest commodity exchange the Multi Commodity Exchange (MCX), has posted 77.39 per cent in decline in consolidated net profit at Rs 194.62 crore in the financial year ended March 31, 2009 as compared to Rs 860.87 crore in the previous year. The company attributed the fall in net profit to huge investment in its subsidiaries.
Total sales of the company declined to Rs 316.42 crore during the financial year 2008-09 as against Rs 266.93 crore in the previous year.
On the standalone basis, FTIL posted 113 per cent rise in net profit at Rs 206.50 crore (excluding long term capital gains) in the financial year 2007-08 as against Rs 97 crore in the previous year thanks to on relentless market penetration in exchange space by launching and commencing live trading in MCX Stock Exchange (MCX-SX), National Spot Exchange (NSEL) and International Energy Exchange (IEX).
During the fourth quarter of the last fiscal, the company posted a net profit of Rs 78.49 crore as compared to Rs 24.85 crore in the corresponding quarter of the previous fiscal year. Total income during the quarter, increased from Rs 57.97 crore to Rs 158.09 crore.
“In this financial year, we have strengthened our robust portfolio of technology IP based solutions for global financial markets there by reinforcing the relentless pursuit of innovation, driven by our IP-centric business model and technology domain expertise. Our cash and cash equivalents continue to remain healthy at Rs 1161.7 crore,” said Dewang Neralla, Whole Time Director of FTIL.
We have continued to penetrate the exchange space by launching and commencing live trading on MCX Stock Exchange, NSEL and IEX. Within 6 months of operations, NSEL has emerged as a coveted and leading spot exchange in the country with more than 95% market share. IEX has maintained number one position in power exchanges with 92% market share.
In addition to this, MCX Stock Exchange established a Clearing Corporation (MCX-SX Clearing Corporation Limited), he added.
FTIL continued to build up a comprehensive network covering the trade continuum. On the ecosystem side, National Bulk Handling Corporation (NBHC) has been showing steady growth with collateral funding facilitated in excess of Rs 7500 crore (cumulative), Neralla said.
|
Content Guide
