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Indian Energy Exchange (IEX)
The key highlights of the unaudited consolidated financial results for the second quarter ending September 30, 2023, as declared by the Company on 02 November, 2023, are listed below:
(All amounts represented in the table are in Rs Crores)
|
Particulars |
Q2FY23 |
Q2FY24 |
YoY |
|
Total Volume (in BU) |
23.1 |
26.5 |
14.6% |
|
Total Revenue |
113.8 |
133.0 |
16.9% |
|
Total Operating Expense |
16.3 |
16.6 |
1.8% |
|
EBITDA |
97.5 |
116.4 |
19.4% |
|
Finance, Depreciation & Amortization Cost |
5.0 |
5.8 |
16.0% |
|
Share in profit of associates, net of tax |
1.1 |
3.7 |
236.4% |
|
Profit before tax |
93.6 |
114.3 |
22.1% |
|
Income Tax Expense |
22.4 |
27.8 |
24.1% |
|
PAT |
71.2 |
86.5 |
21.5% |
BUSINESS AND FINANCIAL PERFORMANCE HIGHLIGHTS
During the quarter, the Exchange recorded a trading volume of 26.53 BU, an increase from 23.12 BU in Q2 FY’23, marking a growth of 15% YoY. This volume includes 24.07 BU from the conventional power market and 747.64 MU from the Green Market segment. The Exchange also traded 13.91 lakh Renewable Energy Certificates (REC), equivalent to 1391 MU, and 2.79 lakh ESCerts, equivalent to 279 MU.
On a consolidated basis, the revenue for Q2 FY24 saw a YoY increase of 17%, rising from Rs. 113.8 Cr. in Q2 FY23 to Rs. 133 Cr. in Q2 FY24. The PAT grew by 21.5% YoY, moving from Rs. 71.2 Cr. in Q2 FY23 to Rs.86.5 Cr. in the current quarter.
*PowerX is the price index of Indian Energy Exchange (IEX) and is calculated based on weighted average price of Day-Ahead Market and Real-Time Market discovered for the previous day delivery.
Power demand was higher than anticipated for the monsoon months, with peak power demand reaching nearly 240 GW in September first week. States like Maharashtra, Uttar Pradesh, Gujarat, and Tamil Nadu witnessed soaring demand this quarter.
On the fuel side, India's coal production increased by a robust 16.2 % YoY to reach 205 million tonnes in Q2 FY24 and E-auction coal premium continued its decline since the beginning of this financial year. This improved supply side scenario resulted in increased sell liquidity but an unexpected surge in power demand kept prices higher on the Exchange during the second quarter.
The average market clearing price in the DAM segment during Q2 FY24 period was Rs. 5.88/unit compared with Rs.5.40/unit in the same quarter last year, higher by nearly 9% over Q2FY23.
In October 2023, IEX launched High-Price Term Ahead Market (HP-TAM) and acquired 10% stake in Enviro Enablers India Private Limited (EEIPL).
On the gas market front, in Q2FY24, the Indian Gas Exchange (IGX) generated total volumes of 195 lakhs MMBtu during Q2 of FY '24, a jump of 262% over the same quarter last fiscal. The volume jump was largely on the back of increased domestic gas volumes and decreased gas prices compared with spot prices (WIM).
For Q2FY24, IGX posted a PAT of Rs. 7.85 crore, a significant increase from Rs. 2.42 crore in Q2FY23, reflecting a growth of 224%.
POWER SECTOR HIGHLIGHTS UPDATE
On the power sector front, electricity consumption in India for Q2 FY24 stood at 435.8 BU, a growth of 13% YoY. By the end of Q2 FY 2024, India’s total installed capacity stood at 425 GW, out of which 179 GW was contributed by renewables.
India remains on track to attain its target of achieving 50% of energy consumption from non-fossil fuel sources by 2030.