Multi-Commodity Exchange of India profit jumps to 56.4%
Multi-Commodity Exchange of India (MCX) reported 56.39 per cent growth in net profit for the March quarter at Rs 34.14 crore. Total 11 % growth in the income at Rs 96.58 crore during the quarter under review. For the full year to March 2018, its net income declined steeply to Rs 108.36 crore from Rs 126.60 crore, while income also declined to Rs 351.86 crore from Rs 376.34 crore in the previous financial year.
“Our performance during the quarter has been strong with buoyancy across commodity segments. Our commitment to manage cost offers the potential for higher growth in our operational income,” managing director Mrugank Paranjape said.
Besides, the rationalisation of tax structure on exercise of commodity options in the Budget and recent launch of liquidity enhancement scheme are expected to provide the much-needed impetus to the growth and development of this nascent product, which will remain our focus in the first half of this financial year, he added.
The average daily turnover in commodity futures increased by 22.57 per cent to Rs 23,824 crore during the reporting quarter.
During FY18 the exchange’s market share in commodity derivative space stood at 89.58 per cent, while, average daily turnover in commodity options in FY18 was Rs 82.71 crore. The company recommended dividend of 170 per cent or Rs 17 a share.