MCX Shares Tumble Over 9% After Reporting Surprise Q3 Loss
The company reported a loss of Rs 5.4 crore in the quarter ended December compared with a profit of Rs 38.8 crore a year earlier.
![<div class="paragraphs"><p>Multi Commodity Exchange of India. (Source: MCX website)</p></div>](https://media.assettype.com/bloombergquint%2F2023-10%2F70e4d80d-db52-4df5-a378-2154bc42a4dd%2FScreenshot_2023_10_10_205409.png?auto=format%2Ccompress&w=200)
Multi Commodity Exchange of India Ltd.'s shares plunged the most in seven months after the bourse reported a surprise loss in the third quarter.
The company reported a loss of Rs 5.4 crore in the quarter ended December compared with a profit of Rs 38.8 crore a year ago, according to an exchange filing on Saturday. An average of analyst estimates compiled by Bloomberg had forecast a net profit at Rs 1.1 crore.
The loss narrowed from Rs 19.1 crore in the preceding quarter.
MCX Q3 Results Highlights
(Consolidated, YoY)
Revenue from operations rose 33% to Rs 191.5 crore (Bloomberg estimate: Rs 179.5 crore)
Operating losses of Rs 19.7 crore vs an operating profit of Rs 32.7 crore (Estimate: Rs 16.8 crore operating loss)
(Consolidated, QoQ)
Revenue from operations rose 16% to Rs 191.5 crore (Estimate: Rs 179.5 crore)
Operating loss of Rs 19.7 crore vs. operating profit of Rs 28.7 crore (Estimate: Rs 16.8 crore operating loss)
Net losses of Rs 5.4 crore vs. Rs 19.1 crore. (Estimate: Rs 1.1 crore net profit)
"Negative Ebitda was mainly on account of payment made to technology vendor and contribution to SGF (settlement guarantee fund)," the company said in the filing.
![MCX Shares Tumble Over 9% After Reporting Surprise Q3 Loss](https://media.assettype.com/bloombergquint%2F2024-02%2F48b56ad7-5606-48d6-8568-205f3d929309%2FMCX__1_.png?auto=format%2Ccompress)
The scrip rose fell as much as 9.53 to Rs 4,627.55 apiece, the most since June 30, 2023. It was trading 9.32% lower as of 12:31 p.m. compared with a 0.52% decline in the NSE Nifty 50 Index.
The stock has risen 145.5% in the last 12 months. The total traded volume so far in the day stood at 2.9 times its 30-day average. The relative strength index was at 51.95.
Of the 10 analysts tracking the company, five maintain a 'buy' rating, two recommend 'hold', and three suggest 'sell,' according to Bloomberg data. The average of 12-month analyst price target implies a downside of 14.1%.