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ICICI Securities Report
Volume rise in options has been the consistent investment thesis for Multi Commodity Exchange of India Ltd. Options average daily trading volume rose sharply from Rs 198 billion in Q1 FY23 to Rs 313 billion in Q2 FY23.
The same in Oct-22 / Nov-22 inched up further to Rs 315 billion / Rs 413 billion. Futures ADTV remained range-bound during the same period declining from Rs 255 billion in Q1 FY23 to Rs 238 billion in Q2 FY23 and rising to Rs 260 billion in Nov-22 (attributable to steady recovery from the impact of peak margin norms with-effect-from Sep-21, and continuous volatility in commodity prices).
Options volumes can maintain the current momentum with the launch of new products – such as gold monthly options with gold (one kg) futures as the underlying asset (launched on Oct 14, 2022).
MCX reported strong Ebitda growth of 33% QoQ in Q2 FY23 as strong options volume growth resulted in operating leverage benefits. Growth in options, stable futures volumes and reduction in software cost post migration to new platform enliven prospects for FY24E.
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