MCX Q4 net profit tumbles 85% to ₹5.45 Cr on higher software support charges, Board declares ₹19.09 dividend
Multi Commodity Exchange Of India (MCX) is a mid cap exchange platform that recorded a market cap of ₹6,881.9 Cr during Friday’s closing session.
The Board of Directors have “Recommended a final dividend of ₹19.09/- per equity share (face value of Rs.10/- each) for the Financial Year ended March 31, 2023. This proposal is subject to approval of shareholders at the ensuing 21st Annual General Meeting of the Company. The date of 21st Annual General Meeting, the record date to determine the eligibility of shareholders for payment of dividend and the date of payment/dispatch of dividend shall be intimated subsequently,” said MCX in a stock exchange filing on Saturday.
During Q4FY23, the company recorded consolidated revenue from operations of Rs 133.75 Cr up by 25.63% YoY from ₹106.46 Cr in Q4FY22. During the quarter ended March 2023 MCX reported a consolidated net income of ₹153.83 Cr compared to ₹121.04 Cr in the quarter ended March 2022.
MCX reported a consolidated net expense of ₹137.55 Cr during the quarter under review up by 145.53% YoY from ₹56.02 Cr during the corresponding quarter of FY22. The Q4FY23 consolidated net profit of MCX dropped to ₹5.45 Cr down by 85.08% from ₹36.53 Cr recorded in the year-ago quarter. The EPS of MCX plummeted to ₹1.07 compared to ₹7.18 in the same quarter of FY22.
During the financial year ended March 2023, the company recorded consolidated revenue from operations of ₹513.51 Cr up by 40% YoY from ₹366.81 Cr in the financial year ended March 2022. During 12MFY23, its net income stood at ₹581.17 Cr compared to ₹433.31 Cr in 12MFY22. The company’s net expenses stood at ₹385.62 Cr compared to ₹227.57 Cr in the previous financial year. Its 12MFY23 consolidated net profit was flat at ₹148.97 Cr as against ₹143.45 Cr in 12MFY22.
Commenting on the results, A R Ramachandran, Co-founder & Trainer-Tips2trades said “Below average Q4FY23 results due to extremely high software support charges has severely dented net profit margins thereby leading to a very flat full year FY23 for MCX. Technically, till Daily resistance of 1413 is not breached on a closing basis, the stock price looks weak and a fall till support of 1238 looks possible in the near term.”
On Friday, the shares of MCX closed on the BSE at ₹1349.45 apiece down by 0.49% from the previous close of ₹1356.15.
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