Motilal Oswal's research report on MCX
MCX reported a loss of INR191m vs. our expectation of a profit of INR16m. Overall volumes improved 86% YoY to INR67t. Total revenue grew 30% YoY to INR1.65b (in line with expectations). MCX reported EBIT loss of INR353m vs. our forecast of an EBIT loss of INR184m. This variance was primarily due to a contribution of INR 114m to SGF in 2QFY24. Additionally, an extra contribution of INR 131.2m was made in Oct’23. For 1HFY24, revenue increased 32% YoY to INR3.1b, whereas PAT declined 99% YoY to INR6m.
Outlook
We have cut our FY24 EPS estimates by 22% to factor in the higher contribution to SGF, on account of an increase in open interest, while broadly maintaining our FY25 estimates. We reiterate our Neutral rating with a one-year TP of INR2,300 (premised on 30x FY25E EPS).
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