IEX Posts 18.7 Percent Volume Growth and 22.3 Percent PAT Rise in FY25

Indian Energy Exchange (IEX), India’s power trading platform, has reported robust growth for the financial year ended March 31, 2025, achieving its highest-ever traded electricity volume and consolidated profit.

As per the firm's statement, the company’s strong performance was driven by record-breaking volumes across electricity and renewable energy certificate (REC) markets, increased sell liquidity, and stable fuel supply throughout the year.

IEX traded 121 billion units (BUs) of electricity in FY25, marking an 18.7 percent year-on-year (YoY) increase and its highest annual volume ever. In addition, the exchange saw 178 lakh RECs traded during the year, a 136.3 percent YoY surge – another all-time high.

Consolidated revenue for FY25 stood at INR 657.4 crore, up 19.3 percent from INR 550.8 crore in FY24. The consolidated profit after tax (PAT) increased by 22.3 percent YoY to INR 429.2 crore from INR 350.8 crore last year. On a standalone basis, PAT rose to INR 414.6 crore, up 21.4 percent from INR 341.4 crore in FY24.

The Board of Directors has declared a final dividend of INR 1.5 per share, amounting to 150 percent of the face value.

For the fourth quarter ended March 31, 2025, IEX also achieved its highest-ever quarterly electricity volume at 31.7 BU, up 18.1 percent YoY. REC trades reached 68 lakh units, showing a 108 percent YoY growth, and marking the highest ever for a quarter.

Consolidated revenue for the quarter rose 17 percent to INR 174.6 crore, while consolidated PAT increased by 21.1 percent to INR 117.1 crore. On a standalone basis, PAT stood at INR 112 crore, reflecting a 17.8 percent YoY rise.

India’s electricity consumption in FY25 grew by 4.4 percent to 1,694 BUs, as per government data.

India’s coal production rose 5 percent YoY to 1,048 million tonnes, with coal supply to the power sector up 5.9 percent YoY to 843 million tonnes. Coal inventories stood at a healthy 23-day stock as of March 31, 2025, the highest since 2021.

This improved supply landscape translated into greater sell-side liquidity on the exchange. The Day-Ahead Market (DAM) saw a 36 percent YoY increase in sell-side liquidity. Consequently, market clearing price declined by 14.7 percent YoY, settling at INR 4.47/unit in FY25 compared to INR 5.24/unit in FY24.

Indian Gas Exchange (IGX), an IEX subsidiary, posted record gas trading volumes of 60 million MMBtu, a 47 percent YoY increase. Its PAT rose 34.3 percent to INR 31 crore. In Q4 alone, IGX traded 20.2 million MMBtu, up 132 percent YoY, with PAT at INR 8.9 crore, doubling from INR 4.4 crore a year earlier.

IEX’s International Carbon Exchange (ICX) was recognised as India’s first I-REC issuer, having issued 59.27 lakh I-RECs over the past seven months. ICX revenue jumped 964 percent YoY to INR 3.41 crore in FY25, compared to INR 32 lakh in FY24.