MCX shares fall 7% despite surge in Q2 net profit
Multi-Commodity Exchange of India shares dropped on Wednesday following profit booking, even as the company reported a 130 per cent rise in quarterly profit.
Shares of Multi-Commodity Exchange of India (MCX) fell nearly 7 per cent on Wednesday, according to reports by The Economic Times and India TV. The decline occurred despite the exchange reporting a 130 per cent year-on-year increase in consolidated net profit for the second quarter of FY27, which reached Rs 454.57 crore from Rs 197.47 crore in the same period last year.
The company's revenue from operations grew 114 per cent to Rs 799.66 crore, up from Rs 374.23 crore a year earlier. During the quarter, the Average Daily Turnover (ADT) for futures rose to Rs 62,819 crore, while the ADT for options increased to Rs 12,00,129 crore.
MCX CEO and Managing Director Praveena Rai stated that the strong second-quarter results show the increasing importance of the exchange in the changing commodity sector and the ongoing confidence of market participants. Rai added that the performance was driven by growth in various product segments and efforts to expand the company's portfolio.
Jefferies noted that while the September quarter EBITDA was largely in line with estimates, profit after tax was impacted by higher taxes. The brokerage also observed that tech cost growth was a miss, though employee expenses grew slower than expected.
On the BSE, the stock opened at Rs 3,395, down Rs 98 from the previous close, and hit an intraday low of Rs 3,252.50. The company's market capitalisation stood at approximately Rs 85,930 crore.