IEX Reports PAT Exceeding 21% in Q2FY24 Against Q2FY23

The IEX (Indian Energy Exchange) has declared its unaudited consolidated financial results for the second quarter ending September 30, 2023.

Particulars	Q2FY23	Q2FY24	YoY
Total Volume (in BU)	23.1	26.5	14.6%
Total Revenue	113.8	133.0	16.9%
Total Operating Expense	16.3	16.6	1.8%
EBITDA	97.5	116.4	19.4%
Finance, Depreciation & Amortization Cost	5.0	5.8	16.0%
Share in profit of associates, net of tax	1.1	3.7	236.4%
Profit before tax	93.6	114.3	22.1%
Income Tax Expense	22.4	27.8	24.1%
PAT	71.2	86.5	21.5%

 

Business & Financial Performance 

During the quarter, the Exchange recorded a trading volume of 26.53 BU, an increase from 23.12 BU in Q2 FY’23, marking a growth of 15% YoY. This 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 1391 MU, and 2.79 lakh ESCerts, equivalent to 279 MU.

On a consolidated basis, the revenue for Q2 FY24 saw a YoY increase of 17%, rising from Rs. 113.8 Cr. in Q2 FY23 to Rs. 133 Cr. in Q2 FY24. The PAT grew by 21.5% YoY, moving from Rs. 71.2 Cr. in Q2 FY23 to Rs.86.5 Cr. in the current quarter.

Power demand was higher than anticipated for the monsoon months, with peak power demand reaching nearly 240 GW in September first week. States like Maharashtra, Uttar Pradesh, Gujarat, and Tamil Nadu witnessed soaring demand this quarter.

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

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

In Q1 of FY24, the IEX said that its total income increased from Rs 113.39 crore (Q1 FY23) to Rs 127.27 crore in the last quarter, registering a growth of 12.24 percent.

Renewable energy projects can now be traded on IEX through CFD (Contract for Difference) (CfD).