The shares of this mid-cap company gained up to 1.4 percent after the company entered into an issuer agreement with the International Tracking Standard Foundation.
With a market capitalization of Rs 18,346.34 crore, the shares of Indian Energy Exchange Ltd were trading at Rs 204.15 per share, increasing around 0.20 percent as compared to the previous closing price of Rs 203.35 apiece.
Reason for rise:-
According to the exchange filing, Indian Energy Exchange Ltd entered into an issuer agreement with the International Tracking Standard Foundation, in which the company will act as a Local Issuer of International Renewable Energy Certificates (“I-REC”) in the Indian market.
Moreover, ICX will be responsible for registering Production Facilities and issuing I-RECs on the Registry managed by Evident for India.
Financial performance:-
Looking into the company’s financial condition, revenue magnified by 19 percent from Rs 104 crore in Q1FY24 to Rs 124 crore in Q1FY25, during the same time frame net profit zoomed by 25 percent from Rs 74 crore to Rs 93 crore.
Market leader:-
Indian Energy Exchange Limited (IEX) is the first and largest power exchange in India. It has a dominant market share of 80 percent of traded volume in electricity.
Industry overview:-
On the electricity sector front, October had a high peak power demand of 221GW. Electricity usage grew by 10% YoY in Q3 FY24, hitting over 380 BUs. On the fuel side, India’s coal output climbed by a strong 13.1% year on year to 256 million tonnes, while coal dispatch to the power industry increased by roughly 11.7% year on year to 203.5 million tonnes.
IEX has over 7600 registered participants including more than 60 distribution companies with over 700 electricity generators and 4800 open access consumers.
Company profile:-
Indian Energy Exchange Limited is an Indian corporation that operates an automated trading platform for the physical delivery of electricity, renewables, and certifications. It provides a variety of trading marketplaces, including the power market, green market, and certifications.
Written by:- Abhishek Singh
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