Indian Energy Exchange (IEX) on November 2 reported a 21.4 percent year-on-year increase in consolidated net profit at Rs 86.5 crore for the September quarter of the current financial year on higher revenues. The net profit in the year ago period was Rs 71.2 crore.
Revenue at the power trading platform increased 14 percent to Rs 108.5 crore from Rs 95.19 crore in the year-ago period, according to an exchange filing. The company's total income grew 16.8 percent to Rs 132.9 crore in the quarter under review from Rs 113.7 a year ago.
The company's EBITDA (earnings before interest, taxes, depreciation, and amortisation) rose to Rs 92 crore from Rs 79 crore in the year-ago quarter, an increase of 16.5 percent.
During the quarter that ended September, IEX recorded a trading volume of 26.53 billion units (BU), an increase from 23.12 BU in Q2 F23, marking a growth of 15 percent YoY. "This volume includes 24.07 BU from the conventional power market and 747.64 MU from the green market segment," IEX said in a statement.
IEX also traded 13.91 lakh Renewable Energy Certificates (REC), equivalent to 1391 MU, and 2.79 lakh ESCerts, equivalent to 279 MU, it stated.
For Q2FY24, the Indian Gas Exchange (IGX), a wholly-owned subsidiary of IEX, posted a net profit of Rs. 7.85 crore, a steep increase from Rs. 2.42 crore in Q2FY23, reflecting a growth of 224 percent, read the IEX statement.
On the fuel side, India's coal production increased by a robust 16.2 percent YoY to reach 205 million tonnes (MT) in Q2 FY24 and e-auction coal premium continued its decline since the beginning of this financial year. "This improved supply side scenario resulting in increased sell liquidity but an unexpected surge in power demand kept prices higher on the exchange during the second quarter," it said.
The average market clearing price in the DAM segment during Q2 FY24 period was Rs. 5.88 per unit compared with Rs.5.40 per unit in the same quarter last year, higher by nearly 9 percent over Q2FY23.
On November 2, IEX shares ended 1.44 percent higher at Rs 126.65 on the NSE.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
