Indian Energy Exchange (IEX) has reported flat revenues and net profit for Q4 FY23 and the fiscal year. The company has said that it is exploring options for setting up a coal exchange in India. This would be the third exchange subsidiary that the energy exchange is setting up, after the Indian Gas Exchange in 2020 and the Indian Carbon Exchange in December 2022. IEX also plans to bring in trading in petroleum product pipeline capacity.
The company reported a net profit of ₹82.8 crore for the last quarter and ₹292.69 crore for FY23, compared with ₹80.8 crore and ₹302.51 crore, respectively, for FY22. The company's board has recommended a dividend of ₹1 per share of face value of ₹1 (100%).
Revenues for the quarter and the full year were ₹129.60 crore and ₹474 crore, respectively, compared with ₹127.75 crore and ₹477.87 crore for Q4 and FY22.
The company expects a bright future both because of new products (derivatives, contracts for differences, and virtual PPAs) and new businesses (carbon exchange, coal exchange, and pipeline capacity trading). It also expects business growth from wind and solar companies who set up capacities from which they would sell their electricity through the market, rather than through long-term power purchase agreements with customers.
In 2022-23, IEX also did a buyback of equity shares from the open market route. It purchased and extinguished 69.7 lakh equity shares from the stock markets, spending ₹98 crore. The bought-back shares amounted to 0.78% of the pre-buyback equity share capital of the company.
On the NSE, the IEX share (of the face value of ₹1) was ₹156, which was 25 paise (16%) higher than the previous close.
Also Read
Smart City Mission faces delays in 7 cities
Nellore takes steps toward a waste-free city
