Hi Amol, Sanjay’s calculation is based on this – 81Cr hit on P&L each quarter for Q4 and Q1 as they could not migrate to TCS platform and 63Moons the current vendor quoted that cost for maintaining the platform. And since MCX was trading at 5 times book value; hence 5*(81+81)=810Cr… However my doubt is why not multiply by PE which is 36!!, whatever extra they would be paying to 63 compared to what they had negotiated with TCS!
More importantly my concern with MCX is – whats the guarantee that this migration to TCS from the current vendor will not get pushed few more quarters… Its been going on since 2020! Not having access to source code is the biggest weakness in this platform business I feel… pls correct if wrong…
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