MCX’s standalone Q3 net profit up 94%

Mumbai: Commodity exchange Multi Commodity Exchange of India (MCX) on Friday reported an exponential rise of 94 per cent in its standalone net profit for the third quarter of 2016-17.

The company informed the BSE that its net profit for the quarter ended December 31, 2016, rose to Rs 33.94 crore from Rs 17.51 crore for the corresponding quarter ended December 31, 2015.

“Our robust results for the 3rd quarter demonstrate the resilience and diversification inherent in our business,” Mrugank Paranjape, Managing Director and Chief Executive Officer of MCX was quoted as saying in a statement.

“We have also used this period to invest more in preparing for the upcoming year – in terms of intensified efforts around education and training, something which will help us with imminent product launches including options but in the long term as well, with increased participation in the market”.

The commodity exchange’s standalone total income during the quarter ended December 31, 2016, increased by 20 per cent to Rs 68.60 crore from Rs 56.96 crore for the corresponding period of last fiscal.

The company’s EBITDA (earnings before interest, tax, depreciation and amortisation for the quarter under review rose by 25 per cent to Rs 50.43 crore.