MCX - Q4FY21 First Cut - ICICI Direct

(CMP: Rs. 1624, MCap: Rs. 8286 crore)

MCX reported a steady operational performance amid marginal moderation in ADTO. Volatility in other income impacted earnings trajectory.

Q4FY21 Earnings Summary

- Turnover of commodity futures contracts declined ~18% YoY to Rs. 20.9 lakh crore in Q4FY21. Average Daily Turnover (ADTO) declined ~13% YoY to Rs. 31823 crore, due to increase in margin requirement to 50% from March 2021. However, revenue from operation remained broadly steady at ~Rs. 98 crore, led by higher realisation

- Healthy top-line coupled with focus on cost kept EBIDT margin healthy at 45.6% in Q4FY21 vs 38.7% in Q4FY20. Absolute EBITD increased ~9% YoY to Rs. 44.2 crore

- Though operational performance remained steady, volatility in other income impacted earnings trajectory. Earnings came at Rs. 38.4 crore, down ~41% YoY, primarily due to lower investment income (G-sec yield in narrow band in the quarter). Thus, reported PAT margin declined from 48.5% in Q4FY20 to 35.4% in Q4FY21

We will be coming out with a detailed report soon.

Shares of MULTI COMMODITY EXCHANGE OF INDIA LTD. was last trading in BSE at Rs.1624.85 as compared to the previous close of Rs. 1622.55. The total number of shares traded during the day was 14298 in over 1390 trades.

The stock hit an intraday high of Rs. 1663 and intraday low of 1609.65. The net turnover during the day was Rs. 23474557.

Source : Equity Bulls

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