Mumbai: Multi Commodity Exchange of India Ltd (MCX), India’s largest exchange in the commodity derivatives segment, announced its audited financial results for the fourth quarter & year ended March 31, 2019.

Year ended March 31, 2019

–          For the year ended March 31, 2019, MCX’s total income stood at Rs. 398.59 crore as against Rs. 351.86 crore in FY 2018, an increase by 13%.

–          EBIDTA for FY 2019 stood at Rs. 192.52 crore, as against Rs. 163.89 crore in FY 2018, an increase of 17%.

–          Net Profit for the year ended March 31, 2019, stood at Rs. 146.24 crore, as compared to Rs. 108.36 crore in FY 2018, an increase by 35%.

–          EBITDA margin stood at 48% whereas PAT margin at 37%.

–          The Board of Directors have recommended a dividend at the rate of 200% (i.e. Rs.20/- per share) for approval of equity shareholders in the forthcoming Annual General Meeting.

 

Quarter 4, FY 2019 results

–          For the quarter ended March 31, 2019, MCX’s total income ­­increased by 15% to Rs.110.80 crore from Rs.96.58 crore over the corresponding quarter ended March 31, 2018. While the operating income registered a growth of 12% to Rs. 79.14 crore from Rs. 70.58 crore in corresponding Q4 FY2018.

–          Net Profit for the quarter ended March 31, 2019, increased by 78% to Rs.60.95 crore from Rs.34.15 crore over the corresponding quarter ended March 31, 2018.

–          EBITDA for the quarter ended March 31, 2019 increased by 16% to Rs.56.84 crore from Rs.48.96 crore over the corresponding quarter ended March 31, 2018.

–          For the quarter ended March 31, 2019, the EBITDA margin was 51% and PAT margin was 55%.

Q4 & FY19 Operational Highlights

–          The average daily turnover (ADT) of commodity futures contracts traded on the Exchange increased by 13% to Rs. 26,981 crore in Q4 FY2019 from Rs. 23,824 crore in the corresponding quarter of Q4 FY2018

–          During FY2019, the Exchange’s market share in commodity derivative space has increased to 91.6% as against 91.16% in FY2018.

–          The ADT of commodity futures contracts increased by 21% to Rs. 25,648 crore during the FY2019 from Rs. 21,193 crore in FY2018.

–          The volume (in terms of commodity futures contracts traded on the Exchange) increased by 20 % in FY2019, to 246 million lots, as compared to 205 million lots traded in FY2018.

Commenting on the performance, Mr. Mrugank Paranjape, MD & CEO, MCX said, “With a record annual market share of 91.6%, and YoY growth of 21% in its average daily turnover (ADT), MCX has rounded off a remarkable Q4 and also a highly successful FY2019. The exchange witnessed a steady improvement, across all the four quarters of this financial year, in various financial parameters such as Average Daily Turnover, Gross Revenue, EBIDTA, and PAT Margins. This especially assumes a great significance in view of the transforming competitive landscape. Remarkably, the ADT of Rs 26,981 crores for the quarter ending March ‘19 was the highest since the levy of CTT in July 2013. This noteworthy performance is attributable to robust volume growth across our bullion and energy segments. Double digit growth and best-in-class execution capabilities have helped us expand our operating margin YoY and strengthened our market positioning. We have maintained our momentum, deepened our relationship with our stakeholders and further expanded our presence in tier II & tier III cities through various initiatives.”

 As we celebrate this success, I would like to thank all our stakeholders for their immense faith and contribution. We have progressed well in our journey to increase our strategic relevance to our stakeholders by way of several important initiatives such as conversion of four of our liquid base metal futures contracts into compulsorily deliverable contracts. Moreover, MCX witnessed highest quarterly average daily turnover and highest Open Interest in gold futures in past five and half years, while cotton stocks in MCX warehouses have soared to record levels.

 Growth in MCX traded volumes is largely a reflection of the continued ability and efforts of the exchange to meet the various requirements of participants. With the current regulatory reforms underway in India’s commodity derivatives market and the expected growth in institutional participation, I am hopeful that MCX will put Indian commodity derivative markets in a prominent place in the global map of commodity markets in the years to come.”