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MCX Q4 net grows 56% to Rs 341 mn on commodity segment push; income up 11%

The average daily turnover in commodity futures increased by 22.57% to Rs 238.24 billion

Press Trust of India  |  Mumbai 

MCX Q4 net grows 56% to Rs 341 mn on commodity segment push; income up 11%

Multi-Commodity Exchange of India (MCX) on Saturday reported 56.39 per cent growth in net profit for the March quarter at Rs 341.4 million.

Total income grew 11 per cent to Rs 965.8 million during the quarter under review, the exchange said in a statement.

For the full year to March 2018, its net income declined steeply to Rs 1.08 billion from Rs 1.26 billion, while income also declined to Rs 3.51 billion from Rs 3.76 billion in the previous financial year.

"Our performance during the quarter has been strong with buoyancy across commodity segments. Our commitment to managing cost offers the potential for higher growth in our operating income," managing director Mrugank Paranjape said.

Besides, the rationalisation of tax structure on the exercise of commodity options in the Budget and the recent launch of liquidity enhancement scheme is expected to provide the much-needed impetus to the growth and development of this nascent product, which will remain our focus in the first half of this financial year, he added.

The average daily turnover in increased by 22.57 per cent to Rs 238.24 billion during the reporting quarter.

During FY18 the exchange's market share in commodity derivative space stood at 89.58 per cent, while, average daily turnover in commodity options in FY18 was Rs 827 million.

The company recommended dividend of 170 per cent or Rs 17 a share.

The counter closed 4.15 per cent up at Rs 793.45 on the BSE on Friday.

First Published: Sat, April 28 2018. 23:41 IST