Indian Energy Exchange Q3 Profit Up 19% to Rs 92 Cr
By Rediff Money Desk, NEWDELHI Jan 25, 2024 16:59
Indian Energy Exchange (IEX) reported a 19% rise in Q3 net profit to Rs 91.80 crore, driven by higher revenues and increased trading volume. Read more.
New Delhi, Jan 25 (PTI) The Indian Energy Exchange (IEX) on Thursday posted a nearly 19 per cent on-year rise in consolidated net profit at Rs 91.80 crore in the December quarter, on the back of higher revenues.
Its consolidated net profit was Rs 77.21 crore in the quarter ended December 31, 2022, according to a regulatory filing.
The total income rose to Rs 141.21 crore in the quarter, from Rs 117.34 crore in the same period a year ago.
The board of directors in its meeting held on Thursday have declared an interim dividend of Rs one per share (on equity share of par value of Re 1 each) for FY 2023-24.
In a separate statement, IEX said that during the quarter, it recorded a trading volume of 28.3 BU (billion units), an increase from 24.2 BU in Q3 FY'23, marking a growth of 16.8 per cent YoY (year-on-year).
This volume includes 25.9 BU from the conventional power market segment and 0.4 BU from the green market segment. The Exchange also traded 20.3 lakh certificates during the quarter.
On a standalone basis, the PAT (net profit) for Q3 FY24 saw a YoY increase of 25.5 per cent, rising from Rs 71.2 crore in Q3 FY23 to Rs 89.3 crore in Q3 FY24.
According to the statement, the sell bids in collective auctions increased by 25 per cent YoY in November 2023 and 18 per cent YoY in December 2023, which led to an easing of prices on the exchange.
During Q3 FY'24, the average market clearing price in the DAM (day-ahead market) segment was Rs 5/unit, compared to Rs 5.80/unit in Q2 FY'24.
Increased electricity consumption coupled with easing supply-side constraints led to an increase in the volumes of electricity traded on the Exchange, it explained.
On the gas market front, its arm the Indian Gas Exchange (IGX) traded total volumes of 84 lakh MMBtu during Q3FY '24, a decline of 65 per cent over the same quarter last fiscal, due to large variations between demand and supply of gas.
On a nine-months basis, IGX volumes were down 7 per cent in April-December FY'24, as compared to April-December FY'23.
Profit after tax (net profit) for IGX increased 14 per cent YoY from Rs 16.3 crore in 9M FY'23, to Rs 18.6 crore in the corresponding period a year ago.
As gas prices continue their downtrend trend, volumes at IGX will pick up going forward, it stated.
Its consolidated net profit was Rs 77.21 crore in the quarter ended December 31, 2022, according to a regulatory filing.
The total income rose to Rs 141.21 crore in the quarter, from Rs 117.34 crore in the same period a year ago.
The board of directors in its meeting held on Thursday have declared an interim dividend of Rs one per share (on equity share of par value of Re 1 each) for FY 2023-24.
In a separate statement, IEX said that during the quarter, it recorded a trading volume of 28.3 BU (billion units), an increase from 24.2 BU in Q3 FY'23, marking a growth of 16.8 per cent YoY (year-on-year).
This volume includes 25.9 BU from the conventional power market segment and 0.4 BU from the green market segment. The Exchange also traded 20.3 lakh certificates during the quarter.
On a standalone basis, the PAT (net profit) for Q3 FY24 saw a YoY increase of 25.5 per cent, rising from Rs 71.2 crore in Q3 FY23 to Rs 89.3 crore in Q3 FY24.
According to the statement, the sell bids in collective auctions increased by 25 per cent YoY in November 2023 and 18 per cent YoY in December 2023, which led to an easing of prices on the exchange.
During Q3 FY'24, the average market clearing price in the DAM (day-ahead market) segment was Rs 5/unit, compared to Rs 5.80/unit in Q2 FY'24.
Increased electricity consumption coupled with easing supply-side constraints led to an increase in the volumes of electricity traded on the Exchange, it explained.
On the gas market front, its arm the Indian Gas Exchange (IGX) traded total volumes of 84 lakh MMBtu during Q3FY '24, a decline of 65 per cent over the same quarter last fiscal, due to large variations between demand and supply of gas.
On a nine-months basis, IGX volumes were down 7 per cent in April-December FY'24, as compared to April-December FY'23.
Profit after tax (net profit) for IGX increased 14 per cent YoY from Rs 16.3 crore in 9M FY'23, to Rs 18.6 crore in the corresponding period a year ago.
As gas prices continue their downtrend trend, volumes at IGX will pick up going forward, it stated.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Srestha Finvest
- 0.89 ( 0.00)
- 69758135
- Standard Capital
- 1.26 ( -16.00)
- 55792425
- GTL Infrastructure
- 2.37 (+ 4.87)
- 50169700
- Vodafone Idea L
- 9.18 ( -1.50)
- 27130818
- Jaiprakash Power Ven
- 22.33 ( -2.45)
- 21183721
MORE NEWS
India Bans Pocket Lighter Parts Import: Focus...
India restricts imports of pocket lighter parts, aiming to boost local manufacturing...
CCPA Orders Ola to Offer Refunds, Ride Receipts
India's consumer watchdog CCPA has ordered ride-hailing platform Ola to offer refund...
Indian Markets This Week: Earnings, Inflation &...
Analysts predict market movements this week driven by corporate earnings, inflation...