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).
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU