MCX shares down nearly 6% as Q4 profit slumps
Multi Commodity Exchange's profits declined 45% on a standalone basis during the fourth quarter of 2015-16.
Shares of commodity exchange MCX fell by nearly 6% on Friday after it reported a 45% fall in standalone net profit during the fourth quarter of 2015-16 fiscal.
The stock declined by 5.39% to Rs 867 at BSE. On NSE, it tumbled 5.65% to Rs 865.10.
MCX reported a 45% fall in standalone net profit to Rs 27.10 crore during the fourth quarter of the 2015-16 fiscal due to higher expenses. The exchange had posted a net profit of Rs 49.30 crore in the same quarter of the 2014-15 fiscal.
Profit took a beating as expenses rose to Rs 47.35 crore in the quarter from Rs 31.93 crore in the same quarter of the previous fiscal, the exchange had said in a BSE filing.
However, total income from the operations rose marginally to Rs 60.50 crore in January-March from Rs 58.97 crore in the year-ago period. For the full fiscal, the company's consolidated net profit declined sharply to Rs 42.47 crore from Rs 125.76 crore in the previous year.