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

Executive summary

• Q2 FY25 saw consolidated net profit after tax rise to INR 153.62 crore from a loss of INR 19.07 crore in Q2 FY24, with operational revenue up 73% year-over-year to INR 285.58 crore and total revenue at INR 310.82 crore, a 69% increase.

• EBITDA improved to INR 204.68 crore from negative INR 9.79 crore in Q2 FY24, and basic EPS reached INR 30.12, up from negative INR 3.74.

• For H1 FY25, total revenue was INR 564.01 crore and PAT was INR 264.54 crore.

• Board approved unaudited results for Q2 and H1 FY25, reviewed by the Audit Committee and statutory auditors.

• Traded clients grew 20% quarter-on-quarter to 6.8 lakh, and all-time high consolidated turnover of INR 4.73 lakh crore was recorded on September 16, 2024.

Financial highlights

• Revenue split: 70% from options and 30% from futures; operating revenue for Q2 FY25 was INR 285.58 crore, up 68% year-over-year.

• EBITDA margin rebounded to 66% in Q2 FY25; book value per share increased to INR 311 from INR 261 year-over-year.

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

• Surplus cash on hand is around INR 1,000 crore, excluding investments in associates and subsidiaries; cash and bank balances rose to INR 1,971.04 crore as of September 30, 2024.

• SGF at INR 859.70 crore and IPF at INR 232.86 crore as of September 30, 2024.

Outlook and guidance

• Continued focus on broadening the investor base and product offerings, with more launches expected as regulatory approvals are received.

• Gradual and strategic contributions to the SGF to support scalability and new products.

• Board to decide on future utilization of surplus cash, with priorities including business growth, technology, and capital buffers.

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