On a consolidated basis, Indian Energy Exchange (IEX)'s net profit rose 10% to Rs 69.13 crore on 8% increase in net sales to Rs 98.35 crore in Q1 FY23 over Q1 FY22.
Profit before tax (PBT) increased by 12.2% to Rs 91.86 crore in Q1 FY23 over Q1 FY22. EBITDA grew 10.8% year on year to Rs 96.1 crore in Q1 June 2022. Total operating expenses were at Rs 17.3 crore in Q1 FY23, up 7.2% YoY.During the quarter, electricity volumes on the Exchange grew by 10% YoY with 23.4 BU volumes traded versus 21.3 BU in Q1 FY'22. The volume comprised 20.64 BU in the conventional power market, 1.52 BU in the Green Market segment and 11.97 lac Certificates in the Renewable Energy Certificates (REC) Market equivalent to 1.2 BU. The growth in volumes was driven by substantial increase in electricity consumption as well as the preference by the distribution utilities to meet their short-term supply requirements in a competitive and flexible manner through IEX.
The company's subsidiary, Indian Gas Exchange (IGX) traded 4.7 million MMBTU (metric million british thermal unit) in terms of cumulative volume. The total number of participants at the gas exchange has increased to 30 with the addition of four new members, OPAL, HPCL, SHELL and GSPC. IGX also received approval from Petroleum and Natural Gas Regulatory Board (PNGRB) to commence domestic gas trading on its platform. This development will help IGX fulfill its commitment to increase the sell side liquidity, along with creating more opportunities for the sale of domestic gas and the discovery of a unique price.
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.
Shares of IEX were down 2.43% at Rs 154.70 on the BSE.
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