IEX Q4 Profit Rises 9.5% to Rs 97 cr - Business News

New Delhi, May 16 (PTI) The Indian Energy Exchange (IEX) has posted a 9.5 per cent rise in consolidated profit after tax at Rs 96.7 crore for the March 2024 quarter on account of higher income.

It had clocked Rs 88.34 crore profit after tax (PAT) during the fourth quarter of the last fiscal, the company said in an exchange filing on Wednesday.

The company's total income rose to Rs 149.28 crore, from Rs 129.58 crore in January-March FY23.

During the period under review, its expenses stood at Rs 22.65 crore, as against Rs 19.52 crore a year ago.

In FY24, the consolidated PAT rose 14.7 per cent to Rs 350.78 crore, from Rs 305.88 crore in FY23. Income for the full year was at Rs 550.84 crore, up from Rs 474.10 crore.

The Board of Directors of the company announced a final dividend of Rs 1.50 for FY24.

Sharing business updates, IEX said 110.1 billion units of electricity traded on its platform during the fiscal year 2023-24, registering a year-on-year (y-o-y) increase of 13.7 per cent.

The DAM (day-ahead market) prices on the exchange declined to Rs 5.24/unit in FY24, lower by 12 per cent y-o-y compared with Rs 5.94/unit in FY23.

During Q4 FY24, IEX achieved 30.1 BU volume across all segments, registering an increase of 15.5 per cent on y-o-y basis.

This volume comprises 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). REC traded volume in the fourth quarter of 2023-24 increased by 98 per cent on y-o-y basis.

The DAM prices on the exchange lowered to Rs 4.89/unit in January-March 2024, a decline of 20 per cent y-o-y compared with Rs 6.08/unit a year ago.

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