MCX hits record low after weak Q1 results

MCX tumbled 6.39% to Rs 648 at 11:28 IST on BSE after net profit fell 7.14% to Rs 60.11 crore on 3.02% increase in total income to Rs 151.35 crore in Q1 June 2013 over Q1 June 2012.

The result was announced during trading hours today, 31 July 2013.

Meanwhile, the S&P BSE Sensex was down 113.19 points, or 0.59%, to 19,235.15.

On BSE, 14,000 shares were traded in the counter as against an average daily volume of 27,088 shares in the past one quarter.

The stock hit a low of Rs 638.50 so far during the day, which is also a record low for the counter. The stock hit a high of Rs 690 so far during the day. The stock had hit a record high of Rs 1,617 on 13 November 2012.

The stock had underperformed the market over the past one month till 30 July 2013, sliding 9.62% compared with the Sensex's 0.24% fall. The scrip had also underperformed the market in past one quarter, falling 23.62% as against Sensex's 0.80% fall.

The mid-cap company has an equity capital of Rs 51 crore. Face value per share is Rs 10.

MCX reported an earnings before interest, taxes, depreciation and amortization (EBITDA) of Rs 91.73 crore in Q1 June 2013. The company reported an EBITDA margin of 61% and net profit margin of 40% in Q1 June 2013.

The average daily turnover traded on MCX stood at Rs 48700 crore in Q1 June 2013 as against Rs 47888 crore in Q1 June 2012.

In Q1 June 2013, MCX's market shares was 90.5% of the Indian commodity futures market in terms of the value of the contracts traded.

Shreekant Javalgekar, MD and CEO, MCX said, "MCX retained its leadership position with an improved market share of over 90% in Q1 June 2013 as against 87.2% in Q1 June 2012. This can be attributed to the relentless inclusion efforts being made by us to widen the participation and awareness programs."

MCX is a dominant player in commodity exchanges in India.

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