Indian Energy Exchange Q3 net profit up nearly 19% at Rs 92 crore
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.
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.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Tamil Nadu Weather Alert: Chennai may receive heavy rains; IMD issues yellow & orange alerts in these districts
SIP vs PPF: How much corpus you can build in 15 years by investing Rs 1.5 lakh per year? Understand through calculations
SIP+SWP: Rs 10,000 monthly SIP for 20 years, Rs 25 lakh lump sum investment, then Rs 2.15 lakh monthly income for 25 years; see expert calculations
Top 7 Mutual Funds With Highest Returns in 10 Years: Rs 10 lakh investment in No 1 scheme has turned into Rs 79,46,160 in 10 years
SBI Senior Citizen Latest FD Rates: What senior citizens can get on Rs 7 lakh, Rs 14 lakh, and Rs 21 lakh investments in Amrit Vrishti, 1-, 3-, and 5-year fixed deposits
05:26 PM IST