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Indian Energy Exchange reports 9% decline in Q2 profit at Rs 44 cr

The Indian Energy Exchange (IEX) on Tuesday reported 9 per cent decline in consolidated net profit at Rs 44.33 crore for September quarter 2020-21

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The Indian Energy Exchange (IEX) on Tuesday reported 9 per cent decline in consolidated net profit at Rs 44.33 crore for September quarter 2020-21.

It logged a profit of Rs 48.82 crore in the year-ago period, IEX said in a BSE filing.

Total income in the quarter under review was Rs 78.71 crore compared to Rs 78.72 crore in the same period last year.

About the impact of COVID-19, it said the present situation did not materially impact the financial results.

However, it said the actual impact of COVID-19 on the results may differ from that estimated due to unforeseen circumstances and the Group will continue to closely monitor any material changes to future economic conditions.

The Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the Group towards provident fund and gratuity, the company said.

The effective date from which the changes are applicable is yet to be notified and the rules are yet to be framed. The Group will carry out an evaluation of the impact and record the same in the financial results in the period in which the Code becomes effective and the related rules are published, it added.