ECONOMY

MCX Q4 Review – Strong Operational Performance, An Exceptional Item Impacts PAT: Motilal Oswal

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Multi Commodity Exchange of India Ltd.’s overall futures average daily turnover improved by 4% QoQ and options average daily turnover jumped by 70%, which resulted in a 19% rise in revenue ahead of our estimate.

Ebit margin stood at 47.4% as compared to 35.2%/39.3% in Q3 FY22/Q4 FY21, led by operating leverage benefits.

Volumes from futures declined by 22% YoY in Q4 FY22 as only the first phase of the new margin norms were implemented in Q4 FY21.

While option volumes kicked off from Q1, MCX started levying transaction charges only from Q3 FY22.

While staff costs were higher by 3% YoY, it declined by 11% QoQ. Software support charges grew in line with revenue growth. Overall Ebit, at Rs 505 million, was better than our forecasts.

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