ICICI Direct: MCX's Steady Pick-Up In Turnover To Drive Earnings
A trader works on the trading floor of the Multi Commodity Exchange of India in Mumbai, India (Photographer Amit Bhargava/Bloomberg)

ICICI Direct: MCX's Steady Pick-Up In Turnover To Drive Earnings


BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

Multi Commodity Exchange of India Ltd. reported healthy Q1 FY21 earnings wherein healthy other income and lower opex offset a blip in revenue led by decline in average daily turnover.

Reduction in trading hours amid Covid-19 in April 2020, impacted ADTO by 16% YoY to Rs 23,129 crore in Q1 FY21 versus Rs 27,473 crore in Q1 FY20 and Rs 36,626 crore in Q4 FY20. Consequently, revenues fell 8.1% YoY to Rs 73 crore.

MCX reported a sharp increase in its market share by approximately 511 basis points YoY, approximately 270 basis points QoQ to 96.71%.

Robust other income at Rs 49.7 crore and lower opex supported Ebitda, reported at Rs 26.5 crore with Ebitda margin (excluding other income) up approximately 150 basis points YoY to 36.3%.

However, higher tax rate limited traction in profit after tax at Rs 56.4 crore, up 29.2% YoY. The PAT margin was at 77.3% in June 2020 versus 55% in June 2019.

Click on the attachment to read the full report:

ICICI Direct MCX Q1FY21 Result Review.pdf


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