ABOUT INDIAN COMMODITY EXCHANGE LIMITED
INDIAN COMMODITY EXCHANGE LIMITED is a recognized Commodity Exchange of India regulated by SEBI (Securities and Exchange Board of India), having demutualized corporate structure, online trading, clearing, and settlement with best practices. Indian Commodity Exchange Limited aims to fulfill the objective of serving the benefits of the price discovery and risk management of the commodity derivatives market to the producers of that commodity.
In 2017, Indian Commodity Exchange Limited started its operations after obtaining permission from SEBI to re-commence its trading operations. In August 2017, it launched the Diamond Derivative contract of 1 carat. Indian Commodity Exchange Limited became the first exchange to launch the Diamond Derivative contract. In August 2018, the exchange launched Steel Long contract. In July 2019, the PaddyBasmati derivative contract was launched. Today, the Exchange has 14 commodities for trading on its platform. In December 2019, the ICEX MF Platform was launched, a mutual fund platform, to facilitate transactions in Mutual Funds.
The Exchange has outsourced the services of clearing, settlement, deliveries, risk management services, and any other applicable post-trade services to Metropolitan Clearing Corporation of India Limited.
Indian Commodity Exchange Limited is the first Exchange in India to adopt a global hi-tech platform that ensures automatic and seamless switchover from its Data Center (DC) to the Disaster Recovery (DR) site with zero data loss in case of exigencies. The technology platform has highly optimized processing techniques, which enables the system to handle very large orders with latencies under 300 microseconds.
Indian Commodity Exchange Limited has a network of 138 SEBI registered members, having 1298 Authorized Persons, operating through 3340 terminals including Computer to Computer Link (CTCL) across 329 cities/towns across India as of 31st March 2020.
Indian Commodity Exchange Share Price, Share Details as of March 31, 2024
| Indian Commodity Exchange Outstanding Shares: | 533507476 |
| Face Value of Indian Commodity Exchange Share | Rs. 5/- Per Equity Share |
| ISIN of Indian Commodity Exchange Share | INE678L01012 |
| Lot Size of Indian Commodity Exchange Share | 5000 |
| Indian Commodity Exchange Share Price | Best In Industry |
| PAN Number of Indian Commodity Exchange | AABCI9479D |
| GST Number of Indian Commodity Exchange | 24AABCI9479D1ZG |
INCORPORATION DETAILS
| CIN | U67120GJ2008PLC099142 |
| Registration Date | 18 August 2008 |
| Category/Sub-category of the Company | Company Limited by Shares |
| Address of the Registered office and contact details |
1st Floor, Office - 109, Nodh No.-1158 to 63/65/9, Hat Faliyu, Mahidharpura, Surat- 395003, Gujarat. Tel. No: +91-261-2609960/3009960 |
| Name, Address, and Contact Details of Registrar and Transfer Agent, if any |
K Fin Technologies Private Limited Selenium Tower B, Plot numbers 31 & 32 Nanakramguda, Financial District, Gachibowli Hyderabad – 500 032 |
PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
| Name and Description of main products/services | NIC Code of the product/service | % to total turnover of the Company |
| Exchange Operation | 66110 | 100% |
BOARD OF DIRECTORS
Mr. Vijay Kumar Sharma (Chairman, Public Interest Director)
Mrs. Chitra Shringare (Public Interest Director)
Mr. Suresh Kumar Agarwal (Public Interest Director)
Mr. Sanjit Prasad (Managing Director & CEO)
PARTICULARS OF SUBSIDIARY AND ASSOCIATE COMPANIES
INDIAN COMMODITY EXCHANGE LIMITED does not have any subsidiary or associate company.
SHAREHOLDING PATTERN (As of 31-03-2024)
| Description | Shares | % Equity |
| Banks | 1,61,18,720 | 3.02% |
| Bodies Corporates | 21,01,03,718 | 39.38% |
| Foreign Corporate Bodies | 57,75,000 | 1.08% |
| HUF | 5,80,814 | 0.11% |
| NBFC | 2,54,40,800 | 4.77% |
| Non Resident Indian Non Repatriable | 14,52,930 | 0.27% |
| Non Resident Indians | 1,52,442 | 0.03% |
| Promoters Bodies Corporate | 13,64,06,671 | 25.57% |
| Resident Individuals | 13,74,76,381 | 25.77% |
| Total | 53,35,07,476 | 100.00% |
INDUSTRY OUTLOOK
Until 2015, the commodity futures market was regulated by Forward Market Commission (FMC). In 2015, after the merger of FMC with the Securities and Exchange Board of India (SEBI), SEBI became the regulator of the commodity futures market. Commodity Exchanges play a vital role in promoting growth, transparency, and efficiency of the commodity futures markets. This role is defined by their functions, infrastructure capabilities, trading procedures, settlement, and risk management practices.
FY 2020 was steeped with uncertainties for India’s commodity markets. A slackened growth of the economy, the US-China trade war, weak currency due to frequent monetary easing and downgrades by multiple agencies, and a firm dollar as compared to the rupee and the aggravated US-Iran war-like conditions, are some of the factors which have led to the commodity markets lackluster performance.
Recently, SEBI has taken various steps to boost the commodity derivative market. In a major decision to strengthen the commodity market, SEBI permitted mutual funds to participate in commodity futures along with PMS. It enabled mutual funds and portfolio managers to participate in the Agri and non-Agri commodity derivatives segments (CDS). Earlier, Alternative Investment Funds (AIFs) were allowed to trade in commodities futures. Notable policy initiatives have been allowing commodity options, allowing foreign entities to hedge their exposure on commodities in Indian commodity exchanges, and allowing the introduction of commodity indices trade.
Other than the response to the Covid-19 pandemic, major factors to impact Indian commodity markets in the coming year include a resurrection in consumption demand, growth led by policy reforms, a move towards digitization, and the monetary stance of central banks of major economies, and the economic and trade policies. Coupled with strong demographic dividends and economic growth, consumer demand conditions in the country will remain strong for a long period. Additionally, a stable fiscal situation, moderate inflation rate, exports growth, and rising FDI inflow point towards fundamental stability in the economy, which augurs well for the markets.
Indian Commodity Exchange Limited Standalone Balance Sheet (Rs in Thousands)
| Particulars | 31-03-2024 | 31-03-2023 |
|---|---|---|
| Non-Current Assets | ||
| Property, Plant and Equipment | 23,902.06 | 21,940.66 |
| Non-Current Investments | 1,30,000.00 | 1,00,000.00 |
| Other Non-Current Assets | 3,579.33 | 2,716.06 |
| Current Assets | ||
| Investments | 19,198.73 | 1,17,280.59 |
| Cash and Cash Equivalents | 1,400.95 | 1,034.35 |
| Loans & Advances | 3,75,000.00 | 3,85,000.00 |
| Other Financial Assets | 10,518.61 | 10,190.99 |
| Other Current Assets | 2,24,843.52 | 2,09,923.31 |
| Total Assets | 7,88,443.20 | 8,48,085.96 |
| Equity | ||
| Equity Share Capital | 26,67,537.38 | 26,67,537.38 |
| Other Equity | -24,04,465.14 | -24,33,384.81 |
| Settlement Guarantee Fund | 4,27,473.82 | 3,85,883.78 |
| Non-Current Liabilities | ||
| Provisions | 1,171.14 | 678.02 |
| Current Liabilities | ||
| Lease Liabilities | 12,358.25 | 3,285.35 |
| Total Outstanding Dues of Creditors Other than Micro Enterprises and Small Enterprises | 5,615.45 | 1,28,660.86 |
| Other Financial Liabilities | 63,559.74 | 69,060.57 |
| Other Current Liabilities | 14,019.55 | 25,829.73 |
| Other Current Provisions | 1,173.01 | 535.08 |
| Total Equity and Liabilities | 7,88,443.20 | 8,48,085.96 |
Indian Commodity Exchange Limited Standalone Profit & Loss Statement (Rs in Thousands)
| Particulars | 31-03-2024 | 31-03-2023 |
|---|---|---|
| Revenue | ||
| Revenue from operations | 60.90 | 2,462.11 |
| Other income | 96,073.03 | 15,829.42 |
| Total income | 96,133.93 | 18,291.53 |
| Expenses | ||
| Employee benefits expense | 34,920.84 | 28,411.58 |
| Operating cost | 146.36 | 17,869 |
| Finance Cost | 779.04 | 677.58 |
| Depreciation and amortization expense | 9,032.79 | 100,433.79 |
| Impairment | - | 4,30,399.08 |
| Other expenses | 22,088.93 | 23,225.25 |
| Total expenses | 66,967.96 | 601,016.28 |
| Profit(loss) before tax | 29,165.97 | -5,82,724.75 |
| Income tax for earlier years | - | 3,327.16 |
| Profit(loss) for the year | 29,165.97 | -5,86,051.91 |
| Other Comprehensive Income | ||
| Remeasurement of Employee benefits obligations | 246.3 | 3,285.63 |
| Total comprehensive income for the year | 28,919.67 | -5,89,337.54 |
| Earnings per equity share (Face Value of Rs. 5 each fully paid up) | ||
| Basic | 0.05 | -1.10 |
| Diluted | 0.05 | -1.10 |
Indian Commodity Exchange Limited Standalone Cash Flow Statement (Rs in Thousands)
| Particulars | 31-03-2024 | 31-03-2023 |
|---|---|---|
| Cash Flows from Operating Activities | ||
| Net Profit/(Loss) Before Tax | 29,165.97 | -5,82,724.75 |
| Adjustments for: | ||
| Depreciation, Amortization, and Impairment Expense | 9,032.79 | 5,30,832.87 |
| Finance Cost - Lease under Ind AS 116 | 779.04 | 677.58 |
| Interest Income | -11,761.34 | -9,035.67 |
| Provision for Doubtful Debts & Bad Debt | - | 13.27 |
| (Gain)/Loss on Foreign Exchange | 223.32 | 6,058.86 |
| Profit on sale of Property, Plant and equipment (net) | -5,469.47 | - |
| Excess provisions written back | -74,497.69 | -2,540.00 |
| (Gain)/Loss on Redemption/Fair Valuation of Units of Mutual Funds | -4,115.81 | -3,058.25 |
| Operating Profit/(Loss) Before Working Capital Changes | -56,643.19 | -59,776.09 |
| Adjustments for: | ||
| Trade Receivables and Other Current Assets | -11,836.70 | 22,439.24 |
| Other Current Financial Assets | -327.62 | -13,668.32 |
| Other Non-Current Assets | -863.27 | 5,10,038.34 |
| Other Non-Current Liabilities | 493.13 | -1,790.15 |
| Trade Payables and Other Current Liabilities | -60,581.21 | -15,214.27 |
| Other Financial Liabilities | -5,500.83 | - |
| Other Current Provisions | 391.63 | -2,750.55 |
| Adjustment for Increase in Settlement Guarantee Fund | 41,590.05 | 5,532.02 |
| Cash Generated from/(Used in) Operations | -93,278.01 | 4,44,810.23 |
| Net Income Tax Paid (Net of Refunds) | -3,083.51 | -2,351.06 |
| Net Cash Generated from/(Used in) Operating Activities | -96,361.52 | 4,42,459.17 |
| Cash Flows from Investing Activities | ||
| Purchase of Property, Plant, Equipment and Intangible Assets | -238.67 | -30.00 |
| Proceeds from Sale of Property, Plant, and Equipment | 8,704.00 | 5.41 |
| Interest Received | 11,761.34 | 12,901.47 |
| Investment in Non-Corporate Debenture | -30,000.00 | -1,00,000.00 |
| Proceeds of Current Investments (Net) | 2,02,142.59 | 7,86,904.06 |
| Purchase of Current Investments | -99,944.92 | -7,57,945.63 |
| Loans and Advances Given | -60,000.00 | -4,85,000.00 |
| Repayment received for loans and advances given | 70,000.00 | 1,00,000.00 |
| Net Cash Generated from/(Used in) Investing Activities | 1,02,424.34 | -4,43,164.69 |
| Cash Flows from Financing Activities | ||
| Lease Rent Payments | -5,696.22 | -5,833.53 |
| Net Cash Generated from/(Used in) Financing Activities | -5,696.22 | -5,833.53 |
| Net Increase/(Decrease) in Cash and Cash Equivalents | 366.60 | -6,539.05 |
| Cash and Cash Equivalents at the Beginning of the Year | 1,034.35 | 7,573.40 |
| Cash and Cash Equivalents at the Close of the Year | 1,400.95 | 1,034.35 |
Here is a summary of the Cash Flow Statement for the years 2024 and 2023:
Operating Activities: In the year ending March 31, 2024, the company reported a net profit before tax of ₹29,165.97 thousand, a substantial turnaround from a loss of ₹582,724.75 thousand in 2023. Despite this improvement, the operating profit before working capital changes was negative at ₹-56,643.19 thousand, indicating a challenging operational environment. Key adjustments included a depreciation, amortization, and impairment expense of ₹9,032.79 thousand, compared to ₹530,832.87 thousand in the prior year, reflecting a substantial decrease in non-cash expenses. Finance costs related to leases under Ind AS 116 were ₹779.04 thousand, slightly up from ₹677.58 thousand in 2023. Interest income was negative, indicating net interest expenses. The company recorded a loss on foreign exchange of ₹223.32 thousand, a sharp decline from a gain of ₹6,058.86 thousand the previous year. Additionally, there was a profit on the sale of property, plant, and equipment amounting to ₹5,469.47 thousand. Excess provisions written back were substantial at ₹74,497.69 thousand, compared to ₹2,540.00 thousand in 2023, showing a significant release of previously held provisions. Overall, cash used in operating activities amounted to ₹-96,361.52 thousand, a stark contrast to cash generated of ₹442,459.17 thousand the previous year, highlighting a significant decline in operational cash flows.
Investing Activities: Cash flow from investing activities showed a net inflow of ₹102,424.34 thousand in 2024, compared to a significant outflow of ₹443,164.69 thousand in 2023. This shift was driven by several factors: the company received ₹8,704.00 thousand from the sale of property, plant, and equipment and earned ₹11,761.34 thousand in interest income. Investments in non-corporate debentures were reduced to ₹30,000.00 thousand from ₹100,000.00 thousand, while net proceeds from current investments were ₹202,142.59 thousand, up from ₹786,904.06 thousand the previous year. Purchases of current investments were significantly lower at ₹99,944.92 thousand, compared to ₹757,945.63 thousand in 2023. Loans and advances given decreased to ₹60,000.00 thousand from ₹485,000.00 thousand, and repayments received for loans and advances increased to ₹70,000.00 thousand from ₹100,000.00 thousand.
Financing Activities: Cash flows from financing activities were minimal, with a net outflow of ₹5,696.22 thousand in 2024, a slight improvement from ₹5,833.53 thousand in 2023. This outflow primarily reflects lease rent payments, which were marginally lower than the previous year.
Net Increase in Cash and Cash Equivalents: The company experienced a net increase in cash and cash equivalents of ₹366.60 thousand in 2024, reversing a decrease of ₹6,539.05 thousand in 2023. The cash balance at the end of the year increased to ₹1,400.95 thousand from ₹1,034.35 thousand at the beginning of the year.
Financial Ratios of Indian Commodity Exchange Limited
| Particulars | 31-03-2024 | 31-03-2023 |
|---|---|---|
| Current Ratio | 6.52 | 3.18 |
| Return on Equity Ratio (%) | 11.73 | -110.82 |
| Trade Receivables Turnover Ratio | 0 | 0.46 |
| Trade Payables Turnover Ratio | 0.33 | 0.18 |
| Net Capital Turnover Ratio | 0.01 | 0.71 |
| Net Profit Ratio | 0.30 | -32.04 |
| Return on Capital Employed | -103.08 | -175.32 |
| Return on Investment | 1.38 | 0.12 |
Here is a summary of the financial and operational metrics for Indian Commodity Exchange Limited for the year 2024 & 2023:
Current Ratio: The Current Ratio increased significantly to 6.52 in 2024 from 3.18 in 2023. This sharp rise indicates a substantial improvement in the company’s liquidity, meaning it is now much better positioned to cover its short-term liabilities with its short-term assets. The high ratio suggests strong short-term financial health.
Return on Equity (ROE) Ratio: The Return on Equity Ratio improved to 11.73% in 2024 from a negative -110.82% in 2023. This turnaround indicates that the company has shifted from a loss-making position, where it was generating negative returns on shareholders ' equity, to a positive return. This improvement reflects a significant recovery in profitability relative to shareholders ' equity.
Trade Receivables Turnover Ratio: The Trade Receivables Turnover Ratio fell to 0 in 2024 from 0.46 in 2023. This decline suggests that the company may have either significantly reduced or eliminated its trade receivables, or is no longer actively engaged in credit sales, affecting its ability to collect from customers.
Trade Payables Turnover Ratio: The Trade Payables Turnover Ratio increased to 0.33 in 2024 from 0.18 in 2023. This improvement indicates that the company is paying off its trade payables more quickly. A higher ratio suggests better management of supplier payments or possibly more stringent payment terms.
Net Capital Turnover Ratio: The Net Capital Turnover Ratio dropped dramatically to 0.01 in 2024 from 0.71 in 2023. This significant decrease reflects a drastic reduction in the efficiency of utilizing capital to generate sales. The low ratio suggests that the company is struggling to use its capital effectively to drive revenue.
Net Profit Ratio: The Net Profit Ratio improved to 0.30% in 2024 from -32.04% in 2023. This positive change indicates that the company has shifted from a significant loss margin to a modest profit margin, reflecting better overall profitability despite still being relatively low.
Return on Capital Employed (ROCE): The Return on Capital Employed turned positive but remained negative at -103.08% in 2024, compared to -175.32% in 2023. Although still negative, this improvement suggests that the company has made progress in generating returns from its capital, moving away from extremely poor performance.
Return on Investment (ROI): The Return on Investment increased to 1.38% in 2024 from 0.12% in 2023. This rise indicates a modest improvement in the returns generated from investments. The positive ROI reflects better investment performance compared to the previous year, though it remains relatively low.
Dividend History
| Particulars | 31-03-2024 | 31-03-2023 |
|---|---|---|
| Dividend Paid | - | - |
| Retained Earnings | -30,79,792.60 | -31,08,958.57 |
| Total | -30,79,792.60 | -31,08,958.57 |
A V Thomas International Limited Annual Report 2023-24
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