ICICI Securities: MCX’s Operating Leverage Aids Strong Q2 Ebitda Performance
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ICICI Securities Report
Multi Commodity Exchange of India Ltd.) reported robust operating performance in Q2 FY21 with revenue growth at 12% YoY and Ebitda margin expansion of 450 basis points to 55% driven by the high operating leverage inherent in the business model.
The increase in volatility resulted in strong traction in bullion average daily trading volume in Q2 FY21, which has started to moderate from October.
Monetisation of growth levers remains critical for rerating of the stock.
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