Multi Commodity Exchange of India Ltd

About [ edit ]

The Multi Commodity Exchange of India Limited is India’s first listed exchange. It is a commodity derivatives exchange that facilitates online trading of commodity derivatives transactions, thereby providing a platform for price discovery and risk management. The Exchange, which started operations in November 2003, operates under the regulatory framework of Securities and Exchange Board of India (SEBI). #

Key Points [ edit ]
  • Market Cap 7,711 Cr.
  • Current Price 1,512
  • High / Low 1,875 / 805
  • Stock P/E 30.6
  • Book Value 256
  • Dividend Yield 1.98 %
  • ROCE 18.7 %
  • ROE 16.7 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 20.07% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 71.48%

Cons

  • Stock is trading at 5.89 times its book value
  • The company has delivered a poor sales growth of 10.96% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 11.35% for last 3 years.
  • Earnings include an other income of Rs.122.14 Cr.

Peer comparison

Sector: Miscellaneous Industry: Miscellaneous

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
71 73 71 77 79 79 107 94 105 73 120 101
48 48 48 56 54 52 53 50 65 46 54 52
Operating Profit 23 25 23 21 25 28 53 44 41 27 66 49
OPM % 33% 34% 32% 27% 32% 35% 50% 47% 39% 36% 55% 48%
Other Income 26 -11 22 32 32 32 38 19 30 50 18 25
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 4 4 4 4 4 4 4 4 6 5 5 6
Profit before tax 45 10 41 50 53 55 87 59 65 71 78 68
Tax % 25% 27% 13% 15% -15% 21% 18% 5% -1% 21% 25% -6%
Net Profit 34 7 36 42 61 44 72 56 66 56 59 72
EPS in Rs 6.70 1.44 7.05 8.24 11.95 8.57 14.07 10.90 12.84 11.07 11.48 14.08
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
212 287 369 545 524 341 222 235 259 260 300 374 399
136 146 177 208 209 195 135 165 180 188 218 219 217
Operating Profit 76 142 192 337 315 146 88 70 80 72 82 155 182
OPM % 36% 49% 52% 62% 60% 43% 39% 30% 31% 28% 27% 41% 46%
Other Income 153 206 79 86 121 100 110 117 117 92 87 129 122
Interest 0 0 0 0 0 1 1 0 0 0 0 0 0
Depreciation 20 25 25 27 31 34 26 25 19 17 15 18 21
Profit before tax 210 323 246 396 406 210 170 162 178 147 154 265 282
Tax % 25% 32% 30% 28% 26% 27% 26% 29% 29% 26% 5% 11%
Net Profit 157 221 173 287 299 153 126 115 127 108 146 236 252
EPS in Rs 33.99 56.22 58.66 30.03 24.66 22.48 24.82 21.25 28.68 46.37 49.47
Dividend Payout % 13% 9% 15% 42% 41% 33% 41% 29% 60% 80% 70% 65%
Compounded Sales Growth
10 Years:3%
5 Years:11%
3 Years:13%
TTM:11%
Compounded Profit Growth
10 Years:6%
5 Years:20%
3 Years:26%
TTM:9%
Stock Price CAGR
10 Years:%
5 Years:13%
3 Years:25%
1 Year:18%
Return on Equity
10 Years:14%
5 Years:10%
3 Years:11%
Last Year:17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
41 41 51 51 51 51 51 51 51 51 51 51 51
Reserves 453 656 796 947 1,105 1,095 1,154 1,242 1,311 1,329 1,200 1,308 1,257
Borrowings 0 0 0 0 0 0 0 0 0 0 0 0 0
672 532 654 877 631 598 622 568 507 586 825 1,375 1,255
Total Liabilities 1,166 1,229 1,501 1,875 1,787 1,743 1,827 1,862 1,869 1,966 2,075 2,735 2,563
209 193 195 188 203 173 143 137 152 156 158 158 182
CWIP 0 0 0 0 1 0 2 3 0 6 19 24 1
Investments 470 617 824 1,151 1,070 1,092 1,295 1,114 1,198 1,322 1,066 1,256 1,132
487 419 482 536 513 478 387 607 519 482 832 1,296 1,248
Total Assets 1,166 1,229 1,501 1,875 1,787 1,743 1,827 1,862 1,869 1,966 2,075 2,735 2,563

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
285 -92 270 355 53 38 70 78 -32 99 258 449
-137 -12 -233 -297 145 53 -68 -30 55 36 -93 -27
12 -24 -24 -30 -213 -113 -19 -61 -40 -92 -105 -123
Net Cash Flow 160 -128 13 28 -16 -22 -18 -14 -17 43 61 299

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 30% 31% 42% 33% 14% 10% 10% 11% 8% 13% 19%
Debtor Days 46 39 48 33 5 10 17 7 4 9 7 6
Inventory Turnover

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
26.44 26.27 28.72 31.01 30.20 30.70 31.78 33.91 32.57 36.43 36.96 37.31
38.65 39.70 39.79 38.05 40.02 41.56 36.94 35.63 39.32 41.08 41.02 40.26
34.66 33.78 31.23 30.68 29.52 27.49 31.03 30.27 27.92 22.30 21.83 22.24
0.26 0.26 0.26 0.26 0.26 0.26 0.26 0.19 0.19 0.19 0.19 0.19

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