Indian Energy Exchange (IEX) announces unaudited financial results for the quarter ending June 30, 2024
Key highlights of the unaudited consolidated financial results for the first quarter ending June 30, 2024, as declared by the Company on 24 July 2024, are listed below
Total volumes in Q1FY’25 at 30.4 BUs, increased 21.1% from 25.1 BUs in Q1FY’24.
Consolidated Revenue in Q1 FY’25 at Rs 154.5 Cr, increased 21.3% from Rs 127.4 Cr in Q1 FY’24.
Consolidated Profit After Tax in Q1 FY’25 at Rs 96.4 Cr, increased 27.2% from Rs 75.8 Cr in Q1FY’24.
Standalone Profit After Tax in Q1 FY’25 at Rs 93.4 Cr, increased 26% from Rs 74.1 Cr in Q1FY’24.
Business and Financial Performance Highlights
This total volume comprises electricity volume of 28.2 BUs and certificate traded volume of 2.2BUs.
On the power sector front, hot weather conditions led to an unprecedented surge in electricity demand during the first quarter of this financial year. Peak power demand reached 250 GW, surpassing the previous high of 243 GW recorded in September last year. The country's energy consumption of 452 BUs in Q1FY’25 was 11.2% higher compared with the same quarter last fiscal.
On the fuel side, during the quarter, India's coal production increased by nearly 11% YoY to reach 247 million tonnes. Auction premium under Shakti B8 auction has been down at around 20% since the last 3 months. Coal inventory in July 2024 stood at nearly 18 days.
Proactive measures taken by the government and the regulators, including the sale of surplus un-requisitioned power on power exchanges, increased fuel supply and ensuring higher availability of generating units led to increased sell liquidity on the exchanges which kept prices under control. Consequently, despite increase in electricity consumption, the market clearing price in the Day Ahead Market during Q1FY’25 was Rs 5.26/unit, almost similar to the same quarter last year.
On the gas market front, the Indian Gas Exchange (IGX) traded total volumes of 11.8 million MMBtu during Q1FY'25, an increase of 176% over the same quarter last fiscal. Profit after tax for IGX increased 120% YoY from Rs 3.4 Cr in Q1FY’24 to Rs 7.6 Cr in Q1FY’25.
About IEX
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. The exchange platform enables efficient price discovery and increases the accessibility and transparency of the power market in India while also enhancing the speed and efficiency of trade execution. The Exchange is ISO Certified for quality management, Information security management and environment management since August 2016. The Exchange is a publicly listed company with NSE and BSE since October 2017 and is approved and regulated by Central Electricity Regulatory Commission since 27 June 2008.
Reach out to us at PR Desk
Read more on our Partner sites: Dais World | The Progress Catalyst
Get rewarded for your reading habits on the Dais World app!