Company Update : MCX Ltd By Motilal Oswal Financial Services Ltd
7% miss on PAT due to lower-than-expected top-line
* MCX’s operating revenue came in at INR3b, reflecting a 57% YoY growth (5% miss). For 9MFY25, operating revenue grew 63% YoY to INR8.2b.
* Revenue growth was driven by a strong spike in volumes, increasing 102% YoY. Futures volume grew 37% YoY to INR17.9t and options volume grew 116% YoY to INR130t.
* Other income stood at INR230m, growing 30% YoY, and was 13% lower than our estimates.
* Staff cost increased 15% YoY to INR332m (in-line). Other expenses declined 59% YoY to INR750m (8% lower than estimates).
* EBIT stood at INR1.8b vs EBIT loss of INR310m in 3QFY24, a 6% miss on our estimates.
* The company reported PAT of INR1.6b (vs loss of INR54m in 3QFY24), flat QoQ, and was 7% lower than our estimates. For 9MFY25, PAT stood at INR4.2b.
* The call is scheduled for 21st Jan’25 at 4pm. +91 22 6280 1385/ +91 22 7115 818.
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