IEX Reports 9.5% Q4 Profit Increase Amidst Growing Trading Volumes and Lower DAM Prices

The Indian Energy Exchange (IEX) reported a 9.5% increase in consolidated profit after tax to Rs 96.7 crore for the March 2024 quarter due to higher income. This is compared to the Rs 88.34 crore profit after tax (PAT) in the fourth quarter of the previous fiscal year, as disclosed in the company’s filing on Wednesday. The company’s total income increased to Rs 149.28 crore from Rs 129.58 crore in January-March FY23, while its expenses for the period rose to Rs 22.65 crore from Rs 19.52 crore a year ago.

For the full FY24, the consolidated PAT rose by 14.7% to Rs 350.78 crore from Rs 305.88 crore in FY23, with total income reaching Rs 550.84 crore, up from Rs 474.10 crore. In addition, the company’s Board of Directors announced a final dividend of Rs 1.50 for FY24.

In terms of business updates, IEX disclosed that 110.1 billion units of electricity were traded on its platform during the fiscal year 2023-24, marking a 13.7% year-on-year (y-o-y) increase. Furthermore, the day-ahead market (DAM) prices on the exchange decreased to Rs 5.24/unit in FY24, a 12% y-o-y drop from Rs 5.94/unit in FY23.

In Q4 FY24, IEX achieved a volume of 30.1 BU across all segments, representing a 15.5% increase on a y-o-y basis. This volume includes 25.9 BU from the conventional power market segment, 1 BU from the green market segment, and 32.48 lac Renewable Energy Certificates (RECs) (equivalent to 3.2 BU). The REC traded volume in the fourth quarter of 2023-24 increased by 98% y-o-y.

Additionally, the DAM prices on the exchange fell to Rs 4.89/unit in January-March 2024, marking a 20% y-o-y decline from Rs 6.08/unit a year ago.

IEX, based in Noida, is India’s leading energy exchange, providing an automated trading platform for the physical delivery of electricity, renewable power, renewable energy certificates, and energy-saving certificates.