Shares of Multi Commodity Exchange slumped nearly 8% to an intraday low of Rs 3,713.30 after the company reported a net loss in FY24. For the whole year, the company reported a decline of 44.2% in net profit standing at Rs 83.11 crore against the net profit of Rs 148.97 crore it posted in the previous year. 

The company reported a net profit of Rs 87.8 crore for the quarter ending March of FY24. Its revenue from operations came in at Rs 181.1 crore, a rise of 35% on year. 

“Even though Q4FY24 results were quite good, poor profitability in the previous 2 quarters have led to a strong drop in full-year FY24 profits for MCX. Technically, 4072 will be strong resistance on the Daily charts. A daily close below support of 3662 could lead to a fall till 3258 in the near term,” said A R Ramachandran, Co-owner of Tips2trades. 

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Earlier, in Q3 FY24, the company posted a net loss of Rs 5.4 crore. Also, the company reported a loss of 5.42% sequentially in its revenue in Q3 FY24 from Rs 191.53 crore. 

“Recommended a final dividend of Rs 7.64/- per equity share (face value of Rs.10/- each) for the Financial Year ended March 31, 2024. This proposal is subject to the approval of shareholders at the ensuing 22nd Annual General Meeting of the Company. The date of 22nd Annual General Meeting, the record date to determine the eligibility of shareholders for payment of dividend and the date of payment/dispatch of dividend shall be intimated subsequently,” according to an exchange filing. 

“It is down on initial reaction however the tone is still positive. Traders can continue to hold, with support at 3700 level,” said Ajit Mishra, Senior Vice Presdient of Research at Religare Broking.

The stock of MCX has fallen 2% in the last five days but has given a return of 71% in the last six months. It has increased investor’s wealth by 2.6 times in the past year and over 4.5 times in the last five years. 

To compare the benchmark index, Nifty 50, has risen 0.8% in the last five days and over 17% in the past six months. The index has risen nearly 27% in the past year and 91% in the last five years.