Indian Energy Exchange net profit up 10 pc to Rs 76 crore in Q1

New Delhi: Indian Energy Exchange (IEX) on Thursday posted a 10 percent increase in consolidated net profit to Rs 75.82 crore in the June quarter (Q1) on the back of higher revenues.

The consolidated net profit of the company was Rs 69.12 crore in the first quarter of the previous fiscal, according to a BSE filing.

Total income of the company rose to Rs 127.36 crore in the first quarter of the current fiscal from Rs 113.39 crore a year ago.

The company said in a statement that electricity volumes on the exchange grew 6.9 percent year-on-year (y-o-y) to 23.7 Billion Units (BU) in the June quarter as against 22.2 BU a year ago.

The trade volumes in the April-June period comprised 22.8 BU in the conventional power market and 910 Million Units (MU) in the green market segment.

Additionally, 8.75 lakh Renewable Energy Certificates (REC), equivalent to 875 MU, and 5.69 lakh energy saving certificates, equivalent to 569 MU, were traded on the bourse in the June quarter. The total trade volume across all segments stood at 25.1 BU.

The overall volumes registered a growth of 7.6 percent y-o-y.

The average market clearing price during the first quarter was Rs 5.17 per unit, a decline of 33 percent over the corresponding quarter last year, according to the filing.

Improvement in supply-side scenario, driven by enhanced coal supply, reduced e-auction coal prices, while consistently declining prices of imported coal and gas, led to increased liquidity on the exchange.

This resulted in sharp price corrections, providing optimisation opportunities and higher clearance for discoms and open access consumers, the filing said.

On the gas market front, Indian Gas Exchange (IGX) traded 42.6 lakh MMBTU, a nine percent decline from the same quarter last fiscal.

The dip in trade volumes can be attributed to higher gas availability under long-term contracts and increased domestic gas production sold on medium-term basis.

In the quarter under review, IGX reported a profit after tax of Rs 3.43 crore as compared to Rs 1.15 crore in same period a year ago.

Meanwhile, the Indian Energy Exchange board approved the re-appointment of Sudha Pillai and Tejpreet Singh Chopra as non-executive independent directors for another five years after their respective terms end next year.

The current term of Pillai will expire on April 25, 2024 and that of Chopra on March 4, 2024.

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