Indian Energy Exchange (IEX) reported a consolidated revenue of ₹1.605 billion (~$19.32 million) for the third quarter (Q3) of the financial year (FY) 2025, up 13.7% year-on-year (YoY) from ₹1.412 billion (~$17.02 million).

IEX had reported a consolidated revenue of ₹1.68 billion (~$20.1 million), an increase of 26.2% YoY in Q2.

The third quarter’s consolidated profit after tax (PAT) was ₹1.073 billion (~$12.91 million), a 16.9% increase from ₹918 million (~$11.06 million) in the same period last year.

The standalone revenue from operations in Q3 FY25 was ₹1.313 billion (~$15.80 million), with total standalone income, including other income of ₹285 million (~$3.43 million), at ₹1.598 billion (~$19.14 million).

The standalone PAT for the quarter was ₹1.031 billion (~$12.43 million), reflecting a 15.5% increase compared to ₹ 893 million (~$10. 75 million) in Q3 FY24.

For the nine months ending December 2024, the company’s consolidated revenue reached ₹4.828 billion (~$58.14 million), a 20% YoY growth. The consolidated PAT reached ₹3.121 billion (~$37.58 million), up 22.8% YoY from ₹2.541 billion (~$30.58 million).

The growth levers for IEX included increase in power consumption, new products and regulatory developments, and ample supply-side availability. Despite a 5% increase in demand in the first nine months, prices declined due to improved (+40% YoY) sell-side liquidity.

Operational Highlights

The exchange recorded a total electricity trading volume of 30.5 billion units (BU) in Q3 , a 15.9% YoY increase from 26.3 BU in Q3 FY24. The cumulative trading volume for the first nine months of FY25 reached 89 BU, reflecting a 19% YoY growth.

Renewable Energy Certificate (REC) trading increased, with 2.652 million RECs traded during the quarter, a 31% rise from 2.24 million in Q3 FY24. The green market segment grew steadily, with 0.4 BU traded during the quarter.

Additionally, the exchange facilitated trading 2.03 million certificates during the quarter, including energy-saving certificates.

The average Day-Ahead Market (DAM) price during Q3 FY25 dropped to ₹3.71 (~$0.045)/kWh a 26% YoY decline due to higher sell-side liquidity and improved coal inventory levels.

The Central Electricity Regulatory Commission (CERC) also introduced draft procedures for trading Carbon Credit Certificates, which is expected to expand IEX’s operational capabilities soon.

IEX recorded the highest-ever monthly electricity trading volume of 11,132 MU in December 2024, a 29% YoY increase.

In December 2024, it traded 818 million units (MU) of green energy during November 2024, a 331.8% increase from 189 MU in the same month in 2023.