The IEX stock would be in the focus on September 3 after the company said that its subsidiary International Carbon Exchange has signed an “issuer agreement” with International Tracking Standard Foundation and Evident EV.
As a result, ICX is entitled to become a local issuer of International Renewable Energy Certificates (I-REC) for the Indian market. IEX, in a filing to the exchange, said that ICX shall be responsible for registration of generation facilities and issuance of I-RECs on the registry maintained by Evident for India.
IEX posted a 27% rise in consolidated net profit for the June quarter to Rs 96.44 crore, helped by an uptick in revenues. In the year-ago quarter, IEX’s standalone net was around Rs 75.82 crore.
The power trading exchange said that the operational revenue has jumped 18.75% YoY in the three months ended June at Rs 123.5 crore compared to Rs 104 crore in the corresponding period a year ago.
On the power sector front, hot weather conditions propelled electricity demand to an all-time high during the first quarter of the ongoing financial year.
Peak power demand touched 250 GW, beating the previous high of 243 GW seen in September last year. During the last one year, IEX stocks rose around 48%, while the Nifty 50 index surged approximately 30% in the same period.
People May Ask
Q: What is the recent agreement that ICX has entered into?
A: ICX has signed an “issuer agreement” with the International Tracking Standard Foundation and Evident EV, authorizing it to act as a local issuer of International Renewable Energy Certificates (I-REC) in the Indian market.
Q: What responsibilities will ICX have under this agreement?
A: ICX will be responsible for registering production facilities and issuing I-RECs on the registry managed by Evident for India.
Q: How did IEX perform financially in the recent quarter?
A: IEX reported a 27% increase in consolidated net profit for the quarter ending in June, reaching Rs 96.44 crore, driven by higher revenues.
Q: What was IEX’s net profit in the same quarter last year?
A: In the same quarter of the previous year, IEX’s net profit was approximately Rs 75.82 crore.
Q: How much did IEX’s operational revenue increase year-on-year for the June quarter?
A: IEX reported an 18.75% year-on-year increase in operational revenue for the June quarter, amounting to Rs 123.5 crore, up from Rs 104 crore in the same period last year.
Q: What caused the surge in electricity demand in the first quarter of this financial year?
A: Hot weather conditions led to an unprecedented surge in electricity demand, with peak power demand reaching 250 GW, surpassing the previous high of 243 GW recorded in September last year.
Q: How have IEX shares performed over the past 12 months?
A: Over the past 12 months, IEX shares have risen by around 48%, outperforming the Nifty 50 index, which gained about 30% during the same period.
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