IEX Q1 results: Net profit jump 27% YoY to ₹96 crore, stock rise 2%; check details

Shares of [Indian Energy Exchange Ltd (IEX)](IEX shares gain over 2% after Q1 profit jumps 27% YoY), the country’s leading energy exchange, gained over 2% in trade on Thursday, July 25, after the company reported more than 27% year-on-year increase in its profit for the quarter ended June 2024 (Q1FY25).

In a stock exchange notification late on Wednesday, IEX said that its consolidated revenue in Q1FY25 increased 21.3% to ₹154.5 crore compared with ₹127.4 crore in Q1FY24.

Consolidated profit after tax (PAT), meanwhile, increased 27.2% to ₹96.4 crore in the June quarter compared with ₹75.8 crore a year ago.

Total trading volumes during Q1FY25 stood at 30.4 billion units (BUs), up 21.1% from 25.1 BUs in Q1FY24. The total volume for the June quarter comprised electricity volume of 28.2 BUs and certificate traded volume of 2.2 BUs.

On the power sector front, IEX said that the hot weather conditions led to an unprecedented surge in electricity demand during the first quarter of this financial year.

“Peak power demand reached 250 GW, surpassing the previous high of 243 GW recorded in September last year. The country’s energy consumption of 452 BUs in Q1 FY25 was 11.2% higher compared with the same quarter last fiscal,” the company said in the notification.

However, despite the increase in electricity consumption, the market clearing price in the Day Ahead Market during Q1 FY25 was ₹5.26/unit, almost similar to the same quarter last year.

“Proactive measures taken by the government and the regulators, including the sale of surplus un-requisitioned power on power exchanges, increased fuel supply and ensuring higher availability of generating units led to increased sell liquidity on the exchanges which kept prices under control,” IEX said.

On Thursday, the IEX stock rose as much as 2.4% to hit an intra-day high of ₹178.64 apiece on the NSE. However, the stock pared early gains to trade at ₹176.14 apiece, up 0.98%, on the NSE at 11:04 am.

The share price has jumped over 42% in the last one year, but is up only 4.5% year-to-date in 2024.