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ICICI Direct Report
Multi Commodity Exchange of India Ltd. reported a mixed performance. Average daily turnover in commodity futures declined to Rs 25234 crore compared to Rs 28031 crore in Q1 FY22 (declined ~10% YoY) and Rs 26369 crore in Q4 FY22, mainly due to sharp decline in bullion volume.
Options continued to witness significant improvement in ADTO reported at Rs 19539 crore in Q1 FY23 versus Rs 1900 crore in Q1 FY22 and Rs 15065 crore in Q4 FY22.
MCX's operating revenue grew 24.2% YoY and 2.2% QoQ at Rs 108.8 crore. Other income declined sharply by 56.6% YoY and 36.5% QoQ at Rs 9.3 crore.
Total expenses were up 17.3% YoY and 11.9% QoQ at Rs 59.5 crore. Profit after tax came in at Rs 41.5 crore, up 4.2% YoY (up 13.5% QoQ), marginally lower than our estimates due to lower other income and higher opex.
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