Indian Energy Exchange will report its Q2 results on Thursday, October 24.
What Happened: IEX is expected to report a 23% year-on-year increase in net profit to ₹102.7 crore, according to an average of analyst estimates. Its revenue might come at ₹136.63 crore, a 25.97% increase from the previous year.
Motilal Oswal expects IEX to see a 29% growth in revenue. The brokerage firm is bullish on IEX’s outlook on the back of a surge in total trading volumes, which are expected to rise 38% to 36,000 million units in Q2.
Antique also expects a 35% growth in volume with 20% growth in power and 350% growth in renewable energy certificates (RECs). The company's strong volume growth was also supported by a benign day ahead market during September 2024 at ₹5 per unit, the brokerage firm added.
Elara also expects a strong quarter with 28% revenue growth and 22% profit growth. Despite the weak power demand, the trading volume was robust in the exchange, the brokerage noted. The increased volume growth was due to improved supply liquidity in the exchange, the brokerage firm added.
IEX shares have been under pressure after reports said the power ministry was going ahead with market coupling, which will affect the company’s monopoly in power trading.
In September, IEX’s total trading volumes were up 24% to 11,370 MU.
Price Action: Shares of IEX were up 0.65% to ₹184 on Thursday morning.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.