Hot Pursuit     22-Jan-21
IEX spurts after Q3 PAT rises 39% YoY to Rs 58 cr
Indian Energy Exchange (IEX) gained 1.75% to Rs 244.70 after the company's consolidated net profit grew by 39.5% to Rs 58.14 crore on 42.8% rise in net sales to Rs 85.23 crore in Q3 December 2020 over Q3 December 2019.
The company's consolidated profit before tax stood at Rs 75.74 crore in Q3 December 2020, 43.8% higher than Rs 52.66 crore in the same period last year. Total tax expense spiked by 60% to Rs 17.59 crore in Q3 December 2020 over Q3 December 2019.

Consolidated EBITDA stood at Rs 80.5 crore in quarter ended December 2020, rising 41.8% from Rs 63.2 crore in the corresponding period last year. The energy exchange said it delivered the most robust quarterly performance till date.

IEX said the industrial activities and electricity consumption continued to rebound in the third quarter of fiscal year 2021 led by the revival of the consumer sentiment as well as the demand. The electricity volumes in Q3 December 2020 stood at 20,175 MU, rising 61.8% year on year from 12,472 MU in Q3 December 2019. Due to the delays in resolution of impending matter in APTEL regarding REC, IEX said the trade in REC Market did not take place even during Q3 December 2020. Consequently, total volumes including REC volume registered 48.2% YoY growth. Despite 43% growth in Day Ahead Market, the prices on the exchange remained subdued and saw a decline of 2% on YoY basis. The average market clearing price in the day-ahead market during the quarter was at Rs 2.76 per unit.

The Real-time electricity registered an all-time high monthly volume of 1129 MU in December since its commencement on 1 June 2020. On a cumulative basis in Q3 December 2020, the market traded 2837.2 MU. The green market cumulatively traded 473 MU during the quarter.

IEX's wholly owned subsidiary, Indian Gas Exchange, received authorization from Petroleum and Natural Gas Regulatory Board (PNGRB) in Q3 December 2020. The approval has been granted for a tenure of 25 years, making IGX the first regulated delivery-based gas exchange in the country.

Meanwhile, the company has announced an interim dividend of Rs 2.5 per equity share. The board has fixed 30 January 2021 as the record date for the payment of dividend.

IEX is the first and largest energy exchange in India providing a nationwide, automated trading platform for physical delivery of electricity, Renewable Energy Certificates (RECs) and ESCerts (Energy Saving Certificates).

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