MCX net down 45%

Multi Commodity Exchange has reported a 45 per cent fall in net profit at ₹27 crore, against ₹49 crore last year, largely due to higher operational cost. Income from operations was up 4 per cent at ₹56 crore (₹54 crore). Operational cost was up 47 per cent at ₹47 crore (₹32 crore). MCX has made a provision of ₹1.64 crore on write down in the value of its holding in Metropolitan Stock Exchange (MSEI), which cancelled its warrants worth ₹42 crore. MCX moved against the exchange in the High Court, which directed MSEI to deposit ₹42 crore in the Court. In its latest order, the High Court extended the time given to MSEI for depositing the pending amount of ₹22 crore till the next date of hearing. Meanwhile, the company has re-valued its holding and has made a provision of ₹1.64 crore.