Indian Energy Exchange Q2 result: Net profit up over 21% to Rs 86 crore

The Indian Energy Exchange (IEX) on Thursday posted over 21 per cent rise in consolidated net profit at Rs 86.46 crore in the September quarter, compared to the year-ago period, mainly on the back of higher revenues.
 

Its consolidated net profit was Rs 71.20 crore in the quarter ended on September 30, 2022, a BSE filing showed.
 

Total income rose to Rs 132.97 crore in the quarter under review, from Rs 113.77 crore in the same period a year ago.
 

During the quarter, the Exchange recorded a trading volume of 26.53 BU (billion units), an increase from 23.12 BU in Q2 FY'23, marking a growth of 15 per cent YoY (year-on-year), a statement said.
 

This (trade) volume includes 24.07 BU from the conventional power market and 747.64 MU from the Green Market segment.

The Exchange also traded 13.91 lakh Renewable Energy Certificates (REC), equivalent to 1,391 MU, and 2.79 lakh ESCerts (energy saving certificates), equivalent to 279 MU.
 

This improved supply-side scenario resulted in increased sell liquidity but an unexpected surge in power demand kept prices higher on the Exchange during the second quarter, it explained.
 

The average market clearing price in the DAM (day-ahead market) segment during Q2 FY24 period was Rs 5.88/unit compared to Rs 5.40/unit in the same quarter last year, higher by nearly 9 per cent over Q2FY23.
 

In October 2023, IEX launched High-Price Term Ahead Market (HP-TAM) and acquired a 10 per cent stake in Enviro Enablers India Private Ltd (EEIPL).
 

On the gas market front, in Q2FY24, the Indian Gas Exchange (IGX) generated total volumes of 195 lakhs MMBtu during Q2 of FY '24, a jump of 262 per cent over the same quarter last fiscal.
 

The volume jump was largely on the back of increased domestic gas volumes and decreased gas prices compared with spot prices (WIM), it explained.
 

For Q2FY24, the IGX posted a PAT (net profit) of Rs 7.85 crore, a significant increase from Rs 2.42 crore in Q2FY23, reflecting a growth of 224 per cent.
 

On the power sector front, electricity consumption in India for Q2 FY24 stood at 435.8 BU, a growth of 13 per cent YoY.

By the end of Q2 FY 2024, India's total installed capacity stood at 425 GW, out of which 179 GW was contributed by renewables, it stated.
 

The IEX is India's premier energy exchange providing a nationwide, automated trading platform for physical delivery of electricity, renewable power, renewable energy certificates and energy saving certificates.