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MCX, the country’s largest commodity exchange, reported a net loss of ₹19 crore in the second quarter of the current financial year against a profit of ₹63 crore in the same period last year.
Income dipped to ₹184 crore in Q2FY24 as compared with an income of ₹146 crore in the corresponding quarter last year.
Expenses surged to ₹200 crore in the second quarter from ₹68 crore in the year-ago period.
The exchange has registered an EBITDA loss of ₹10 crore against ₹84 crore in the same period last year.
The Exchange migrated to a new technology platform on October 16. The core trading system of TCS uses Deutsche Borse Group’s T7 trading system.
Post-trade activities such as clearing, risk management, delivery, and settlement are facilitated through TCS BaNCS for Market Infrastructure.
The migration was successfully completed in 2.8 years after MCX announced its partnership with TCS for the development of a new technology platform in February 2021.
Since the technology migration, the exchange witnessed an average daily turnover of ₹21,779 crore and ₹68,899 crore in futures and options till the end of October 16 and 31, respectively.
Further, all products, having expiry in October, have successfully completed one full cycle of settlement and delivery.
PS Reddy, Managing Director, MCX said the migration marks a significant milestone and a new beginning to develop India’s commodity derivatives market eco-system, driven by technology, in alignment with the Exchange’s strategic vision.
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