Indian Energy Exchange (IEX) reported 3.9% decline in consolidated net profit to Rs 77.22 crore on 14.7% decrease in net sales to Rs 100.28 crore in Q3 FY23 over Q3 FY22.
Profit before tax decreased 5.9% to Rs 100.80 crore in Q3 FY23 as against Rs 107.14 crore in Q3 FY22.EBITDA decreased by 10.4% to Rs 100.4 crore in Q3 FY23 as compared to 112.1 crore in Q3 FY22.
Total volume declined by 12.3% year on year to 24.2 billion units (BU) in Q3 FY23, rising 5% quarter on quarter across all segment, because of power supply side constraints, high prices discovered during Q3 FY 2023 and high renewable energy certificate (REC) traded volumes during Q3 FY22.
Electricity volume decreased 2.2% Year on Year to 23.0 BU in Q3 FY23, rising 9% QoQ. Volumes were impacted largely due to supply side constraints, led by high prices of e- auction coal.
REC volumes stood at 1.2 BU during Q3 FY23, witnessed a de-growth of 68% on YoY basis as Q3 FY22 had exceptionally high REC volumes of 38.3 lacs to fulfil the pent-up demand caused by stay on REC trading by appellate tribunal for electricity (APTEL) for a period of 16-months.
The price of e-auction coal continued to be high while the quarterly average price premium declined from 293% in Q2 FY2023 to 242% in Q3 FY 2023, it was considerably higher as compared to 35% for the special forward e-auction price for the power sector in FY2022.
With increased economic activity within the country, electricity consumption in India for Q3 FY23 stood at 343 BU, which is a YoY growth of 6.8%. Installed capacity in India achieved 410 GW as on 31st December 2022.
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In line with the country's commitments towards arresting climate change and evolving into a net-zero emitter by 2070, the installed capacity for renewables grew to 168 GW. This growth of green energy is expected to help India attain its vision of achieving 50% of its entire energy consumption from non-fossil fuel sources by 2030.
On the gas market front, Indian Gas Exchange (IGX) traded a total volume of 24.42 million metric million british thermal unit (MMBtu) during Q3 FY23, which was a 568% YoY increase. This growth was largely on the back of participation from major domestic gas producers and an increase in the number of participants.
In line with the company's diversification strategy, during this quarter, IEX incorporated a wholly owned subsidiary - International Carbon Exchange (ICX) to leverage opportunities in the voluntary carbon market. IEX will continue to develop new products such as HP DAM and Ancillary markets, it is doing policy advocacy to create a framework for setting up a coal exchange.
Indian Energy Exchange is a power exchange, licensed by the central electricity regulatory commission (CERC) for spot trading in power / electricity and trading of renewal energy certificate (REC) and energy saving certificates (ESCerts).
The scrip advanced 1.14% to Rs 137.55 on the BSE.
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