Multi Commodity Exchange reported that its net profit was down eight per cent at Rs 60 crore (Rs 65 crore) as trading volumes dipped on the commodity exchanges.
Income was down marginally at Rs 127 crore (Rs 129 crore). Expenses increased 23 per cent to Rs 68 crore (Rs 54 crore) due to a sharp mark up in staff cost.
The average daily turnover traded on the MCX during the quarter stood at Rs 48,700 crore against Rs 47,888 crore in the same period last year.
An independent auditors’ report to the board of directors has highlighted the company’s practice of not treating members’ margin and income as part of the settlement guarantee fund, as was mooted by the regulator Forward Markets Commission (FMC).
Deloitte Haskins and Sells, an independent auditor, in its report disseminated along with the results, has said the company instead credited members’ margins to ‘other current liabilities’.
“We have been informed that the company has made various representations to the FMC and is awaiting a response,” the auditors said.
MCX shares on the BSE was down 0.24 per cent at Rs 629 on Tuesday.