The company’s profit after tax (PAT) increased by 11.6% to ₹134.8 crore from ₹120.7 crore last year.
Revenue for the quarter stood at ₹157.9 crore, up 11.4% from the previous year’s ₹141.8 crore.
Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 13.5% to ₹130.7 crore from ₹115.4 crore last year. Its EBITDA margins expanded to 83% from 81.4% in the year-ago period.
The company highlighted that its electricity volumes in the first quarter increased 15.9% to 37.5 billion units (BUs) from last year.
Its average price in the day ahead market was at ₹5.1 per unit, up 15.7% from the year-ago period.
Last week, IEX has also filed the initial public offering (IPO) papers for the Indian Gas Exchange (IGX) — it is looking to offload 22.3% of its 47.3% stake via an offer for sale.
As the issue does not include a fresh equity component, IGX would not receive any proceeds from the offering. The stake sale is aimed at complying with regulatory norms of 25% being the maximum ownership permitted for any shareholder which is not a member of a gas exchange.
Shares of IEX have been focus all through this year and last due to the market coupling norms. Incidentally, today is the day in 2025 that shares of IEX had collapsed 30% in a single session due to these fears for the first time.
Since then, there have been ongoing legal battels, with the Central Electricity Regulatory Commission (CERC) issuing draft regulations designating Grid India as the sole Market Coupling Operator (MCO) to centralise the price discovery, while the Supreme Court has admitted a plea challenging the framework without an interim stay.
IEX shares ended the previous session 0.9% lower at 122.39 apiece. The stock has declined 8.3% this year, so far.
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