Indian Energy Exchange (IEX) fell 1.71% to Rs 195.60 after the company's consolidated net profit declined 9.2% to Rs 44.34 crore on 5.1% increase in net sales to Rs 70.92 crore in Q2 September 2020 over Q2 September 2019.
Profit before tax (PBT) stood at Rs 58.47 crore in Q2 September 2020, falling 3.6% year-on-year. Total tax expense rose 19.63% to Rs 14.14 crore in Q2 September 2020 over Q2 September 2019. EBITDA fell 2% to Rs 63.25 crore in Q2 September 2020 from Rs 64.52 crore in Q2 September 2019. The result was announced after market hours yesterday, 20 October 2020.
IEX said the second quarter of fiscal year 2021 saw a sharp recovery in industrial activity and electricity consumption owing to easing of the lockdown restrictions across the country. The start of the second quarter saw a slump in manufacturing due to re-lockdowns in a few states, however, the industrial activity picked up momentum in the months of August and September 2020. With increase in economic and industrial activity, the power demand also accelerated and returned to the pre-COVID levels. The country witnessed 2% YoY increase in national peak demand and 4.6% YoY increase in energy consumption in September 2020.
The electricity volumes on the exchange witnessed an increase of 13.2% YoY in Q2 September 2020 and stood at 16,486 MU as compared to 14,560 MU in Q2 September 2019. IEX said REC trading could not take place during the quarter owing to stay order and hence the total volumes including REC saw 3.8% YoY growth during Q2 September 2020.
The day-ahead market on the exchange continued to see robust volumes on the sell side. The sell volumes at 2.2x of cleared volumes led to 20% YoY decline in power prices. The market witnessed average market clearing price of Rs 2.53 per unit during the quarter as compared to Rs 3.15 per unit in Q2 September 2019 thus enabling the distribution companies and industrial consumers to accrue significant savings. Attractive prices also led to a 39.5% YoY growth in open access volumes.
IEX is the first and largest energy exchange in India providing a nationwide, automated trading platform for physical delivery of electricity, Renewable Energy Certificates (RECs) and ESCerts (Energy Saving Certificates).
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