Company Update : MCX Ltd By Motilal Oswal Financial Services Ltd
Higher expenses lead to a miss on PAT
* MCX’s operating revenue came in at INR2.9b, reflecting growth of 61% YoY (in-line). For FY25, operating revenue grew by 63% YoY to INR11.1b.
* Other income at INR292m grew by 59% YoY and was 21% above our estimates.
* Staff costs rose 51% YoY to INR463m (38% above our est.). Other expenses grew 75% YoY to INR849m (5% above, mainly due to higher tech costs).
* EBIT was INR1.4b vs. INR882m in 4QFY24, an 18% miss on our estimates.
* The company reported a PAT of INR1.4b, up 54% YoY but down 15% QoQ (13% below, primarily due to higher costs). For FY25, PAT was INR5.6b.
* MCX’s option notional ADT surged 94% YoY and 7% QoQ to INR2.2t. The options’ premium ADT for the quarter surged to INR32.9b from INR20.4b.
* The Board has approved a dividend of INR30/share.
* The call is scheduled for 9th May’25 at 4.00 pm. Dial in: +91 22 6280 1385/ +91 22 7115 818.
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SEBI Registration number is INH000000412
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