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Business News/ Markets / Stock Markets/  IEX reports almost flat net profit at Rs88 crore in March quarter
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IEX reports almost flat net profit at Rs88 crore in March quarter

Despite the marginal dip in net profit, IEX witnessed an increase in total income during the January-March period

Total income rose to ₹129.58 crore from ₹128.44 crore in the same period a year ago, showcasing a modest growth for the energy trading platform.Premium
Total income rose to 129.58 crore from 128.44 crore in the same period a year ago, showcasing a modest growth for the energy trading platform.

New Delhi: Indian Energy Exchange (IEX) announced on Thursday that its consolidated net profit for the March quarter remained almost unchanged at 88.33 crore. 

The company had reported a consolidated net profit of 88.40 crore in the quarter ended on March 31, 2022, according to a BSE filing.

Despite the marginal dip in net profit, IEX witnessed an increase in total income during the January-March period. Total income rose to 129.58 crore from 128.44 crore in the same period a year ago, showcasing a modest growth for the energy trading platform.

However, on a consolidated basis for the fiscal year 2022-23, IEX experienced a decline in net profit to 305.88 crore from 308.63 crore in the previous fiscal year. The company’s total income for the fiscal year also decreased to 474.10 crore from 484.40 crore.

The board of directors of IEX has recommended a final dividend of Re 1 per equity share with a face value of Re 1 each for the financial year that ended on March 31, 2023. 

During the March quarter, IEX faced supply-side constraints, leading to a slight decline in trade volume. The overall trade volume for the quarter stood at 26.1 billion units (BUs), compared to 27 BUs during the same period last year.

For the entire fiscal year 2022-23, IEX traded 96.8 BUs, down from 101.9 BUs in the previous year. The decrease in trade volume was primarily attributed to sell-side liquidity constraints affecting the market.

The average Day Ahead Market price during the March quarter was 6.07 per unit, indicating a 13% increase on a year-on-year basis.

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Published: 25 May 2023, 08:43 PM IST
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