IEX share price up as Q2 profit jumps 21%

The power trading platform reported a 21.4 percent YoY increase in consolidated net profit at Rs 86.5 crore and a 14 percent growth in revenue atRs 108.5 crore

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Indian Energy Exchange (IEX) share price rose a percent to Rs 128.10 in the early trade on November 3, a day after the company posted a strong set of numbers for the quarter ended September 2023.

The company reported a 21.4 percent year-on-year increase in consolidated net profit at Rs 86.5 crore for the September quarter against Rs 71.2 crore. The power trading platform’s revenue increased 14 percent to Rs 108.5 crore, the company said in an exchange filing.

Its total income grew 16.8 percent to Rs 132.9 crore in the quarter under review.

The company’s EBITDA (earnings before interest, taxes, depreciation, and amortisation) rose to Rs 92 crore from Rs 79 crore in the year-ago quarter, an increase of 16.5 percent.

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During the quarter, IEX recorded a trading volume of 26.53 billion units (BU), an increase from 23.12 BU in Q2 F23, marking a growth of 15 percent YoY. “This volume includes 24.07 BU from the conventional power market and 747.64 MU from the green market segment,” IEX said in a statement.

The company reported a 13 percent year-on-year (YoY) growth in electricity volume for the month of September at 9,147 million units.