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ICICI Direct Report
Multi Commodity Exchange of India Ltd.'s operating revenue grew 60.3% YoY and 12.7% QoQ at Rs 143.6 crore. Other income registered growth of 38.4% YoY and 10.1% QoQ at Rs 20.1 crore.
Opex more than doubled YoY and increased 79.4% QoQ at Rs 110.8 crore. Software related expenses jumped 4.3 times YoY and 3.1 times QoQ to Rs 67.6 crore.
Ebitda margin dropped significantly to ~32% versus 51% in Q3 FY22 (~58% in Q2 FY23). Profit after tax came in at Rs 38.8 crore, up 12.6% YoY (de grew 38.7% QoQ) mainly due to higher opex during the quarter.
MCX's average daily turnover in commodity futures declined marginally (~1% YoY) to Rs 24266 crore versus Rs 24556 crore in Q3 FY22 (Rs 23918 crore in Q2 FY23), primarily due to a decline in volumes.
Options continued to witness robust growth (~4.5 times YoY / 26% QoQ) with ADTO reported at Rs 39402 crore in Q3 FY23 versus Rs 8610 crore in Q3 FY22 and Rs 31381 crore in Q2 FY23.
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