ICEX struggling due to shutting down of commodity operations.

27 August 2024

Financial Performance:

The company's revenue growth was primarily driven by an increase in other income during FY24.

Operating income for FY24 was ₹0.006 Cr, down from ₹0.25 Cr in FY23, as the company discontinued its commodity derivatives business and had no trading activities. However, other income during FY24 increased significantly to ₹9.61 Cr, up from ₹1.58 Cr in FY23. This increase in other income, along with lower expenses, resulted in a net profit before tax of ₹2.91 Cr for FY24, compared to a loss of ₹58.27 Cr in the previous year.

while operating revenue declined due to the discontinuation of the commodity derivatives business, the company was able to generate higher other income, likely from investments and other sources, which offset the drop in operating revenue and led to an overall improvement in profitability. The company's net worth also remained positive at ₹26.27 Cr as of March 31, 2024.

Operational Developments:

The Board of Directors approved the voluntary surrender of recognition granted to the Exchange by the Regulator, which was subsequently approved by the Shareholders, and to discontinue the Commodity derivatives business. Thus, there was no trading and other activities by the Exchange during FY24.