25 Jan , 2022 By : Kanchan Joshi
Shares of Indian Energy Exchange (IEX) declined nearly 3% to Rs233 apiece on the BSE in Tuesday's opening deals after the company posted a nearly 39% rise in its consolidated net profit at Rs80 crore in the December quarter mainly on the back of higher revenues. The company had posted a net profit of Rs58 crore in the year-ago quarter.
The company's total revenue rose 36% to Rs130.7 crore in the December 2021 quarter as compared to Rs96 crore in the corresponding quarter of the previous fiscal. IEX achieved 37% year-on-year (YoY) volume growth in Q3FY22, it said.
The board in its meeting held on Monday also approved an interim dividend of Re 1 per equity share of face value of Re 1 each for the financial year ending March 31, 2022.
The board has fixed February 4, 2022, as the record date for the purpose of ascertaining eligibility of the shareholders for the payment of interim dividend. The interim dividend will be paid within a period of 30 days from the date of declaration, the company said in an exchange filing.
“In the third quarter of the fiscal year 2022, India has seen good growth in economic and industrial activities. This increase in activity also spurred the demand for electricity. The national electricity consumption stood at 321 BU during the quarter, registering a 5 percent CAGR growth over last 2 years," IEX said in a statement.
IEX is the premier electricity exchange in India, which facilitates electricity trade. The energy exchange commands a market share of around 95% in the power exchange market. The multibagger stock has rallied over 209% in a year's period whereas the in the last six months, the counter has surged 63%. Though, IEX shares are down about 7% in 2022 (year-to-date or YTD) so far.
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