MCX slips after reporting net loss of Rs 5 cr in Q3 FY24.

Multi Commodity Exchange of India (MCX) declined 8.53% to Rs 3,504.05 after the company reported net loss of Rs 5.35 crore in Q3 FY24 as compared with net profit of Rs 38.79 crore in Q3 FY23.

Revenue from operations jumped 33.41% YoY to Rs 191.53 crore in Q3 FY24.

The firm posted a negative EBITDA of Rs 1.79 crore for the third quarter as against positive EBITDA of Rs 44.14 crore reported in Q3 FY23, mainly on account of payment made to technology vendor and contribution to SGF.

The contribution to settlement guarantee fund (SGF) stood at Rs 759.09 crore in Q3 FY24.

Average daily turnover (ADT) of futures increased 10.8% to Rs 20,796 crore in Q3 FY24 as compared with Rs 24,265 crore posted in corresponding quarterlast year.

The options ADT increased by 38.7% to Rs 95,989 crore in Q3 FY24 from Rs 39,402 crore in Q3 FY23.

During the quarter, the number of total traded clients stood at 4.77 lakh, witnessing a significant growth rate of 46.77% over the previous year.

Meanwhile, the company had divested its balance stake of 500 shares in Dubai Gold Exchange (DGCX) in 2018. RBI had observed that the company had sold the shares under automatic route and not under prior approval route, a contravention under Regulation 16 (i)(vi) read with Regulation 16 (3) of FEMA 120 and the same has been compounded by RBI with a compounding fee of Rs 4, 50, 000.

RBI had observed that the company had divested from its overseas joint venture under automatic route and had not applied to RBI under prior approval route.

Multi Commodity Exchange of India (MCX) is Indias first listed, national-level, electronic exchange, and Indias leading commodity derivatives exchange with a market share of about 95.2% in terms of the value of commodity futures contracts traded in financial year 2023-24. MCX offers the benefits of fair price discovery and price risk management to the Indian commodity market ecosystem.

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