Multi Commodity Exchange of India (MCX) spurted 4.36% to Rs 1,567.05 after consolidated net profit jumped 29.1% to Rs 56.43 crore on 8.1% decline in net sales to Rs 73.01 crore in Q1 June 2020 over Q1 June 2019.
Consolidated profit before tax (PBT) surged 29.8% to Rs 71.46 crore in Q1 June 2020 as against Rs 55.07 crore in Q1 June 2019. Current tax expenses for the quarter soared 28% at Rs 12.44 crore as against Rs 9.72 crore in Q1 June 2019. The result was announced on Saturday, 25 July 2020.
For the quarter ended 30 June 2020, MCX's operating income dropped 14% to Rs 73.01 crore from Rs 84.97 crore in Q1 June 2019. EBITDA for the quarter, advanced 29% to Rs 76.20 crore as against Rs 58.99 crore in Q1 June 2019. EBITDA margin stood at 62.10% while the PAT margin was 46% during Q1 FY21.
The average daily turnover of commodity futures contracts traded on the exchange decreased by 16% to Rs 23,129 crore during the quarter from Rs 27,473 crore in the corresponding quarter of previous year. The exchange's market share in commodity derivative space has increased to 96.71% as against 91.60% in the same period last year.
Meanwhile, MCX and Mjunction Services have agreed to enter into a Memorandum of Understanding (MoU) with the objective to jointly explore the business opportunity and capitalize on the synergies of the two companies by setting up a Joint Venture (JV) 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, as per the company's regulatory filing.
MCX is engaged in facilitating trading, and clearing and settlement of commodity derivatives. It operates as a commodity futures exchange.
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