Shares of Multi Commodity Exchange of India Ltd. fell nearly 8% on Wednesday after the earnings of the commodity derivatives exchange firm missed analysts' estimates. The company posted a consolidated net profit of Rs 87.8 crore in the March quarter of financial year 2024 in comparison to a loss in the previous quarter. Analysts tracked by Bloomberg had a consensus estimate of a Rs 95-crore profit.
Revenue fell 5% to Rs 181.1 crore, missing analysts' estimates of Rs 196.9 crore. MCX also announced a final dividend of Rs 7.64 per equity share, according to an exchange filing.
MCX Q4 FY24 Earnings Highlights (Consolidated, QoQ)
Total income down 5% at Rs 181.1 crore vs Rs 191.2 crore (Bloomberg Estimate: Rs 196.9 crore)
Net profit at Rs 87.9 crore vs net loss of Rs 5.35 crore (Estimate: Rs 93 crore)
MCX's stock fell as much as 7.68%, the most since Feb. 12, during the day to Rs 3,713.30 apiece on the NSE. It was trading 5.82% lower as compared to a 0.31% advance in the benchmark Nifty 50 at 11:02 a.m.
The stock has advanced 18.26% on a year-to-date basis and 159.02% in the last 12 months. The total traded volume so far in the day stood at seven times its 30-day average. The relative strength index was at 55.
Six out of the 11 analysts tracking the company have a 'buy' rating on the stock, two recommend 'hold' and three suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 3.4%.
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