IEX's FY24 net profit spikes 14.7% on higher trade volumes, policy boost
NEW DELHI : New Delhi: The Indian Energy Exchange reported a 14.7% increase in its consolidated net profit for 2023-24, helped by higher trade volumes and positive regulatory changes, including a mandate requiring the sale of surplus power on power exchanges. IEX's profit improved to ₹350.8 crore in FY24 from ₹305.9 crore in the previous year, with total revenue jumping 16.2% to ₹550.8 crore. The company's board has announced a final dividend of ₹1.50 for FY24, equivalent to 150% of the face value of equity shares.
The power exchange's electricity volumes during 2023-24 crossed 100 billion units for the first time, the company said in a statement on Thursday. Electricity volumes in FY24 increased 12.2% year-on-year to 101.7 billion units. “The regulatory and policy landscape for the power market witnessed positive developments during the fiscal year.
Notable among these were the General Network Access (GNA) regulation, the Indian Electricity Grid Code (IEGC) regulations, and Transmission Charges Sharing regulations," IEX said in a statement. “In preparation for the summer months, the ministry of power has announced several measures, such as mandating the sale of surplus un-requisitioned power on power exchanges by all thermal generating stations and rescheduling of planned maintenance of thermal power plants to the monsoon season," the power exchange added. Day ahead market prices on the exchange, however, declined to ₹5.24 per unit in FY24 from ₹5.94 a unit in the year prior.
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