The Indian Energy Exchange (IEX) just dropped their audited financials for Q4 and the fiscal year ending March 31, 2024, and it’s lit. For the whole FY’24, IEX flexed with total volumes hitting 110.1 BU, up 13.7% YoY. They bagged ₹550.8 Cr in revenue, which is a sweet 16.2% YoY increase. Their Profit After Tax (PAT) also skyrocketed by 16.7% YoY to ₹341.4 Cr, and their consolidated PAT came in at ₹350.8 Cr, showing a 14.7% YoY growth.
In Q4 FY’24 alone, IEX crushed it with volumes reaching 30.1 BU, marking a 15.5% YoY rise. The revenue for this quarter stood at ₹149.5 Cr, a 15.4% YoY boost. They clocked in a PAT of ₹ 95.1 Cr, up 14.7% YoY, and the consolidated PAT for the quarter was ₹96.7 Cr, growing by 9.5% YoY.
For FY’24, IEX’s total volumes surged 13.7% YoY, with electricity volumes hitting 101.7 BU, up 12.2% YoY. This is the first time they crossed the 100 BU mark. They also traded 75.39 lac RECs, equivalent to 7.54 BU, a solid 26.4% YoY increase. The DAM prices dropped to ₹5.24/unit, down 12% from FY’23’s ₹5.94/unit. Q4 FY’24 saw 30.1 BU in volumes, including 25.9 BU from conventional power, 1 BU from the green market, and 32.48 lac RECs (3.2 BU). REC volumes nearly doubled, spiking ~98% YoY. The DAM prices in Q4 FY’24 decreased by 20% YoY to ₹4.89/unit.
The Board of Directors declared a final dividend of ₹1.50/- per share, equalling 150% of the face value. In the power sector, India’s electricity consumption for FY’24 hit 1,622 BUs, up 7.7% YoY. Coal production jumped 11.7% YoY to about 1 billion tonnes, with dispatches to the power sector rising 8.8% YoY to 810 million tonnes. Coal premiums from Shakti B8 action dropped to around 20%, and coal inventory was at its highest since 2021, with 20 days’ worth on March 31, 2024. Imported coal prices fell to $55/tonne in April 2024, a 23% YoY dip.
The boosted supply scene led to a 17% YoY increase in sell liquidity on IEX. Regulatory and policy wins for the power market included new General Network Access, Indian Electricity Grid Code, and Transmission Charges Sharing regulations. The Ministry of Power announced measures for the summer, like mandatory surplus power sales on exchanges and rescheduling thermal plant maintenance to the monsoon season. Section 11 directions for coal-based plants were extended till October 15, 2024, and gas-based plants were to be operational from May 1 to June 30 due to rising demand.
On the gas market front, the Indian Gas Exchange (IGX) traded 41 Million MMBtu in FY’24, a 20% YoY decrease. The IGX PAT for FY’24 was ₹23.1 Cr, 18% down from FY’23.
