Indian Energy Exchange Profits Soar Amid Renewable Milestones
Indian Energy Exchange reported a 25% rise in quarterly profit to Rs 108.32 crore, driven by strong revenues and trading volume growth. The rise was bolstered by favorable weather and ample energy resources, though market prices declined. Their subsidiary, the International Carbon Exchange, achieved notable renewable certification milestones.
- Country:
- India
The Indian Energy Exchange (IEX) has reported a substantial rise in profits, outpacing last year's figures by 25% for the quarter ending September 30, 2024. The company cited revenues' boost as a key factor, pushing its consolidated net profit to Rs 108.32 crore, compared to Rs 86.46 crore the previous year.
The increase in total income to Rs 167.76 crore and a 38.2% growth in trading volume were significant contributors. Favorable weather conditions and abundant energy resources supported market liquidity, resulting in a notable drop in power prices on the exchange.
Furthermore, its subsidiary, International Carbon Exchange, was recognized as India's first International Renewable Energy Certificate Issuer. This feat coincides with a mixed performance in the gas market, where the Indian Gas Exchange (IGX) posted a slight decrease in profit after tax.
(With inputs from agencies.)
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