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Revenue
₹115 Cr
verified against source
Revenue YoY
20.3%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IEX reported a strong Q3 FY24 with consolidated revenue of ₹141.2 crore (+20.3% YoY) and PAT of ₹91.8 crore (+18.9% YoY), driven by 28.3 BU total volume (+16.8% YoY). Key drivers included regulatory tailwinds from GNA and IEGC implementation, which boosted Day-Ahead Market volumes to 15 BU (+30% QoQ) and improved market share to 95% in December. REC volumes surged 65% YoY after price deregulation. Management expects continued volume growth from rising power demand, improved fuel supply, and new thermal capacity. Risks include potential market coupling regulation, which could alter competitive dynamics, though management views implementation as distant.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects 20 GW thermal capacity addition in FY24 and power demand to exceed 256 GW in FY25, boosting exchange volumes.
- Draft rules mandate generators to offer un-requisitioned surplus power on exchanges, with penalties for non-compliance, expected to finalize within a month.
- IEX plans to launch carbon exchange from GIFT City to facilitate dollar-denominated transactions, targeting launch in FY25.
Risks flagged
- CERC is exploring market coupling, which could reduce IEX's competitive advantage and market share if implemented.
- GDAM and GTAM volumes declined due to lower merchant renewable generation and higher captive consumption by states like Karnataka.
- IGX volumes declined 65% YoY in Q3 due to gas price fluctuations, though management expects recovery with lower prices.
Key quotes
- With improving coal production and inventory and easing coal and gas prices, we expect rationalization of power price on the exchange and volumes to further improve in the coming few months.
- In the present arrangement, there are three exchanges. These three exchanges are competing with each other, so if you do the coupling, it will stifle the competition and innovation.
- We are now exploring the option with the GIFT City, to launch this exchange from the GIFT City so that we can do dollar-dollar transaction.
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