Indian Energy Exchange (IEX) Q4 21/22 earnings summary

Executive summary

• Record FY22 trading volume of 102 BU, up 36.5% YoY; exchange markets represented 7.4% of India’s annual electricity consumption.

• Consolidated revenue rose 36.0% YoY to ₹484.4 crore and PAT increased 50.2% to ₹308.6 crore; reported PAT included a one-time ₹5.98 crore gain from losing control of IGX.

Financial highlights

• Standalone revenue reached ₹477.88 crore, up 33.71%; PAT was ₹302.51 crore, up 41.70%, and EPS was ₹3.38 versus ₹2.38, restated for the 2:1 bonus issue.

• Standalone operating revenue increased 34.19% to ₹425.55 crore; treasury and other income rose 29.94% to ₹52.33 crore.

• Standalone EBITDA was ₹417.91 crore and EBITDA margin 87.45%, versus ₹299.71 crore and 83.86% in FY21.

• Operating costs increased 3.60% standalone; other operating expenses rose 25.68%, mainly on technology spending and one-time bonus-issue costs.

Outlook and guidance

• FY23 electricity demand growth was expected to exceed 7% YoY, with RBI forecasting 7.8% GDP growth; longer-duration, ancillary, capacity and gross-bidding products were targeted for development or launch.

• Market expansion priorities include cross-border trade with Bangladesh, APIs across market segments, robotic process automation and technology-led products such as peer-to-peer trading and battery-linked models.

• Policy ambitions include lifting spot-market share toward 25% and reaching 500 GW non-fossil capacity by 2030; market-based products are positioned to support renewable integration and liquidity.