Multi Commodity Exchange of India (MCX) Q2 24/25 earnings summary

Executive summary

• PAT for Q2 FY25 rose 39% sequentially to INR 153.62 crore, with operational revenue up 73% year-over-year to INR 285.58 crore and 22% sequentially from Q1 FY25.

• Achieved significant growth in operating revenue and profitability in Q2 and H1 FY25, with strong performance in both futures and options segments.

• Maintained market leadership in commodity derivatives, especially in precious metals and energy, with expanded operational reach and a large member and client base.

• Board approved unaudited standalone and consolidated results for the quarter and half year ended September 30, 2024, reviewed by Audit Committee and statutory auditors.

Financial highlights

• Q2 FY25 operating revenue rose 73% year-over-year to Rs. 285.58 Cr; total revenue up 69% to Rs. 310.82 Cr; PAT surged to Rs. 153.62 Cr from a loss of Rs. 19.07 Cr in Q2 FY24.

• H1 FY25 operating revenue increased 67% year-over-year to Rs. 519.95 Cr; PAT at Rs. 264.54 Cr.

• Consolidated net profit after tax for Q2 FY25 was ₹15,362 lakh, compared to a loss of ₹1,907 lakh in Q2 FY24; H1 FY25 net profit at ₹26,454 lakh vs ₹59 lakh YoY.

• Book value per share at Rs. 311 as of September 30, 2024; networth (excluding SGF) at Rs. 1,584.83 Cr.

• Treasury income increased from INR 17 crore to INR 20 crore sequentially.

Outlook and guidance

• Continued focus on broadening product offerings, with new launches planned as regulatory approvals are received.

• Forward-looking statements highlight expectations of continued growth, but caution about risks from economic, political, and regulatory factors.

• AMC cost for TCS platform to start impacting IT expenses from Q3 FY25.

• Board to decide on utilization of surplus cash, with focus on business growth and technology investments.

• No explicit forward-looking guidance provided, but strong YoY growth in revenue and profit signals positive momentum.