Weak revenue led to a 5% PAT miss; cost broadly in line

Company
25 Apr 2024
5 Min read 
  • 4QFY24 Results Update for MCX 
  •  Financials & Valuations 
  •  Weak revenue led to a 5% PAT miss
  •  MCX reported PAT of INR878m, 5% lower than estimates 
  •  Total revenue came in at INR1.8b, up 35% YoY
  •  Volumes improved significantly, rising by 97% YoY to INR83t 
  •  Futures volumes down 15% YoY
  •  Option volumes jumped 148% YoY 
  •  Energy and bullion drive overall volume growth
  •  New product launches anticipated to drive volume growth 
  •  No impact from competition expected
  •  Maintain BUY rating with a one-year TP of INR4,400 based on 38x FY26E EPS
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