Indian Energy Exchange (IEX) Q2 24/25 earnings summary

Executive summary

• Q2 FY25 trading volume reached 36.7 billion units, up 38.2% year-over-year, with H1 FY25 at 67 billion units, up 30% year-over-year.

• Maintained a leading 83% market share in electricity, with near 100% share in day-ahead and real-time markets.

• Product innovation and diversification included new contract filings, expansion into green and carbon certificate markets, and technology enhancements.

• Diversification initiatives include Indian Gas Exchange (IGX), International Carbon Exchange (ICX), and voluntary renewable energy certificate markets.

• Standalone and consolidated unaudited financial results for Q2 and H1 FY25 were reviewed and approved, with unmodified auditor conclusions.

Financial highlights

• Consolidated revenue for Q2 FY25 was ₹167.8 crore, up 26.2% year-over-year; standalone revenue was ₹13,924.38 lakhs.

• Consolidated PAT for Q2 FY25 was ₹108.3 crore, up 25.2% year-over-year; standalone net profit was ₹10,608.40 lakhs.

• IGX traded 118 lakh MMBtu in Q2 FY25, with PAT at ₹6.1 crore; H1 FY25 IGX volumes were 23.6 Mn MMBTU.

• Basic and diluted EPS (standalone) for Q2 FY25 were ₹1.19; consolidated EPS was ₹1.22.

• Transaction fees contributed 80% of standalone revenues in Q2 FY25.

Outlook and guidance

• Power demand is expected to grow at 7% annually over the next 7-8 years, supporting exchange volume growth.

• Anticipates significant volume growth from rising power demand, electrification, regulatory support, and new products.

• IGX aims to increase its share in gas consumption to 4-5% by 2030, with a projected CAGR of ~36%.

• Regulatory and government initiatives in renewables and capacity addition to keep procurement costs stable and drive market development.

• Diversification into coal exchange, EPR trading, and carbon certificates to create new growth avenues.