Multi Commodity Exchange (MCX) shares dropped nearly 4% as the company reported its Q3 FY25 results. While the revenue from operations surged by 57.4% to ₹301.4 crore compared to ₹191.5 crore in the same quarter last year, market reactions highlighted caution.
Key Financial Highlights:
- Revenue from Operations: ₹301.4 crore (up 57.4% YoY).
- EBITDA: ₹193.2 crore, a significant recovery from a ₹19.7 crore loss in Q3 FY24. The EBITDA margin stood at an impressive 64%.
- Options Segment Growth: Average Daily Turnover (ADT) in the options segment rose to ₹2,07,090 crore from ₹1,93,309 crore in Q2 FY25. Premium turnover increased to ₹3,613 crore from ₹3,264 crore QoQ.
Broker Commentary:
Morgan Stanley downgraded MCX to ‘Underweight,’ citing stretched valuations and risks associated with revenue concentration, setting a target price of ₹3,715.
Despite strong operational performance, investor sentiment appeared to weigh heavily on the downgrade and perceived risks.
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