MCX net up 56.4% in March quarter
Multi- Commodity Exchange of India (MCX) on Saturday reported 56.39 per cent growth in net profit for the March quarter at ~341.4 million.
Total income grew 11 per cent to ~965.8 million during the quarter under review, the exchange said in a statement. For the full year to March 2018, its net income declined steeply to ~1.08 billion from ~1.26 billion, while income also declined to ~3.51 billion from ~3.76 billion 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 ~238.24 billion 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 ~827.1 million.
The company recommended dividend of 170 per cent or ~17 a share. The MCX counter closed 4.15 per cent up at ~793.45 on the BSE on Friday.