IEX subsidiary ICX enters into agreement with International Tracking Standard Foundation, stock trades in green

The company stated that the agreement authorizes ICX to act as a local issuer of International Renewable Energy Certificates (I-REC) in the Indian market. As part of this role, ICX will be responsible for registering production facilities and issuing I-RECs on the registry managed by Evident for India. Evident EV is a registry that provides a fully auditable chain of custody record to support the trading of energy attribute certificates and uniquely verifiable claims of ownership by end-users.

The International Tracking Standard Foundation is a non-profit organisation that provides a robust standard for developing attribute tracking systems.

Last month, IEX said it achieved its highest ever total volume (including certificates) of 13,250 million units (MU) in July 2024, registering approximately 56% year-on-year (YoY) increase. The electricity volume at 10,093 MU, rose 29% YoY.

IEX said that renewable energy certificates (REC) volume rose 405% YoY to 3,150 MU. According to the firm, at ₹120 per certificate, the REC market recorded an all-time low price in the trading session held on July 31, 2024. These prices provide an opportunity to obligated entities, like DISCOMS and captive power producers, to meet their renewable purchase obligations, and voluntary customers to meet their sustainability aspirations, it said.

Meanwhile, during the first quarter of fiscal year 2025, consolidated revenue rose 21.3% YoY to ₹154.5 crore. Net profit increased 27.2% YoY to ₹96.4 crore. Total volumes rose 21.1% YoY to 30.4 billion units (BU).

IEX stated that despite increase in electricity consumption, the market clearing price in the day ahead market stood at ₹5.26/unit, almost similar to the same quarter last year.

Shares of the firm gained over 21% since the beginning of the year. The stock has risen over 49% in the last one year.