MCX shares fall 7% on December quarter loss; check details

Shares of Multi Commodity Exchange of India Ltd (MCX), the country's largest commodity derivatives exchange, slipped nearly 7% in early trade today after the bourse reported a loss during its Q3 earnings. Net loss came at Rs 5.3 crore in the last quarter against Rs 39 crore profit in the year ago period. The stock of MCX fell 6.75% to Rs 3572 on Monday. Market cap of MCX declined to Rs 18,269 crore. The stock has a beta of 0.2, indicating very low volatility in a year.

The stock has gained 12.34% this year and risen 150% in a year. Total 0.36 lakh shares of the bourse changed hands amounting to a high turnover of Rs 13.33 crore on BSE in early trade.

In terms of technicals, the relative strength index (RSI) of MCX stands at 71.4, signaling it's trading in the overbought territory. MCX shares are trading higher than the 20 day, 30 day 50 day, 100 day, 150 day and 200 day moving averages.

On a sequential basis, net loss narrowed from Rs 19.07 crore in the preceding September 2023 quarter.

Revenue from operations Q3 climbed 33 per cent to Rs 191.5 crore compared to Rs 143.6 crore in the same period last year.

‘’The total traded clients in derivatives on the exchange saw a growth of 50.8 per cent, reaching around 7.53 lakh during FY23-24 over the corresponding period last year,'' said MCX.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) loss in the December quarter stood at Rs 19.8 crore compared to EBITDA of Rs 32.7 crore in the corresponding period last year mainly on account of payment made to technology vendor and contribution to SGF, said MCX in its exchange filing.

The bourse recorded employee cost of Rs 29 crore in Q3 compared to Rs 23 crore in the year-ago period. The number of total traded clients stood at 4.77 lakh in the last quarter, clocking a growth of 7.4 per cent over the previous quarter.

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