Indian Energy Exchange (IEX)'s consolidated net profit rose 6.3% to Rs 42.09 crore on 12.1% jump in net sales to Rs 67.88 crore in Q1 June 2020 over Q1 June 2019.
Consolidated profit before tax (PBT) gained 3% to Rs 56.36 crore in Q1 June 2020 as against Rs 54.71 crore in Q1 June 2019. Current tax expense for the quarter fell 0.1% at Rs 13.98 crore as against Rs 14 crore in Q1 June 2019. EBITDA gained 4.8% to Rs 61.34 crore in Q1 June 2020 from Rs 58.51 crore in Q1 June 2019. The result was disclosed after market hours yesterday, 29 July 2020.
The revenue for the quarter was up primarily on the account of increase in overall volumes. Electricity volumes jumped 14.5% to 14,878 MU in Q1 June 2020 from 12,990 MU in Q1 June 2019. REC volume tanked 41.7% to 697,000 in Q1 FY21 over Q1 FY20. The price of power on the exchange reduced by 26% YoY yielding significant savings for the distribution companies and open access consumers. With an increase in economic activity witnessed during the end of the quarter, the open access volumes in June witnessed 28.7% m-o-m increase. Including REC, the overall volumes are up 9.8% YoY.
The quarter began with a severe slump in economic activity. However from June 2020, an increased economic activity led by easing of the lockdown restrictions in most parts of the country and peaking summers, India's peak electricity demand returned to 90% of pre-COVID levels although the energy consumption saw 16% YoY decline. India's total installed power capacity reached 371 GW as on 30 June 2020. In line with India's commitment to the Paris Agreement 2016 to increase the share of green energy in the overall energy mix, the renewable capacity grew 10% Y-o-Y (year-on-year) and reached 88 GW as on 31 March 2020. Thermal generation reduced 23% in the same period.
IEX's first diversification initiative - the Indian Gas Exchange commenced operations on 15 June 2020.
Shares of Indian Energy Exchange (IEX) fell 0.69% to Rs 179.90. IEX is the first and largest energy exchange in India providing a nationwide, automated trading platform for physical delivery of electricity, Renewable Energy Certificates (RECs) and ESCerts (Energy Saving Certificates).
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