MCX logs 29 per cent rise in profit on lower cost

Our Bureau Mumbai | Updated on July 26, 2020

MCX, the country's largest commodity exchange, has reported 29 per cent increase in June quarter net profit at Rs 56 crore against Rs 44 crore logged in the same period last year, on lower operational cost and other income.

Income from operations decreased by 14 per cent to Rs 73 crore (Rs 85 crore) in the quarter under review.

MCX had logged other income of Rs 50 crore (Rs 26 crore).

The exchange has cut employees benefit to Rs 18 crore (Rs 19 crore) while software licensing fee was slashed to Rs 14 crore (Rs 16 crore) besides cutting the other expenses to Rs 10 crore (Rs 12 crore).

Ebitda was up 29 per cent at Rs 76 crore (Rs 59 crore)

The average daily turnover of commodity futures contracts traded decreased by 16 per cent to Rs 23,129 crore (Rs 27,473 crore) as Sebi reduced the working hours of exchanges due to Covid pandemic.

The exchange's market share increased to 97 per cent (92 per cent).

MCX and Mjunction Services have agreed to enter into a Memorandum of Understanding to set up a Joint Venture company for running a Coal Exchange.

The feasibility study shall be conducted to evaluate the viability of the opportunity. The findings shall lay the groundwork for potential future agreement between both the companies for setting up a Coal Exchange in India, subject to necessary regulatory approvals, said MCX.

Published on July 26, 2020

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