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MOSL: IEX (Neutral)-Strong electricity volumes drive profit
IEX: Strong electricity volumes drive profit (IEX IN, Mkt Cap USD1.8b, CMP INR443, TP INR410, 7% Downside, Neutral) IEX’s result highlights the benefit of strong growth in electricity volumes, leading to a 57% YoY rise in S/A EBITDA (in-line) for the quarter. S/A PAT jumped 48% YoY to INR636m. The launch of Real-Time Market (RTM) has shaped up well, with the product adding 4.6BUs in 1Q and accounting for 22% of total electricity volumes. With an oversupplied market, new product launches,...
- Mohit Kumar
- CFA
Indian Energy Exchange's Q3FY20 results (Outperformer) - New products...
Q3FY20 result highlights IEX reported a decline of 9% yoy in trading volume to 13.6BU in Q3FY20. Day Ahead Market for the quarter declined by 14% yoy to 11.1BU which was partially offset by 71% yoy growth in Term Ahead Market at 1.3BU. REC market continues to be weak with 5% yoy decline in volumes. 9mFY20 trading volume declined by 10% to 44BU. Revenue in Q3FY20 came in at Rs597m (Transaction Fee of Rs554m & Membership Fee of Rs43m), a decline of 6% yoy due to lower demand for electricity...
- Mohit Kumar
- CFA
Event update: Indian Energy Exchange (Outperformer) - New launches to ...
We present key highlights of analyst meet with the IEX management. Key Highlights: New product launches to aid volumes: IEX is on the verge of launching short duration contract (from 11 days to 365 days), real time market (RTM) and cross border market over the next 3-6 months. State electricity boards (SEB) and Central Electricity Regulatory Commission (CERC) expect to settle their on-going disputes over the short duration contracts and have withdrawn their petitions. Besides, RTM is awaitin...
- Mohit Kumar
- CFA
Indian Energy Exchange's Q2FY20 results (Outperformer) - New product...
Q2FY20 result highlights IEX reported trading volume of 15,9BU, a decline of 8% yoy in Q2FY20. Overall, volume in electricity market grew by 3% yoy during the quarter - Day Ahead Market declined by 6% yoy offset by sharp jump of 5.3x in Term Ahead Market to 1.6BU. REC market continues to witness weakness with 58% yoy decline in volumes. H1FY20 trading volume declined by 10%. Despite 8% decline in volumes, Sales grew marginally by 1% yoy to Rs675m on account of increase in REC trading marg...
- Mohit Kumar
- CFA
Indian Energy Exchange's Q1FY20 results (Outperformer) - Weak volumes...
Q1FY20 result highlights Overall trading volume declined by 13% in Q1FY20 to 14.2BU. Day Ahead Market and REC volumes declined by 14% yoy and 41% yoy to 12.0BU and 1.2BU while Term Ahead Market grew by 137% yoy to 1.0BU. Note that volumes related to trading electricity declined by 10.4% yoy (DAM and TAM). FY19 volumes grew by 8% to 61BU. IEX had increased trading margin to 4 paise/Kwh (similar to other products) from 2 paise/Kwh. Compared with earlier practice of charging only sellers, IEX...
- Mohit Kumar
- CFA
Indian Energy Exchange's Q4FY19 results (Outperformer) - Beat in estim...
Q4FY19 result highlights Overall trading volume declined by 10% in Q4FY19 to 12.4BU. Day Ahead Market and REC volumes declined by 12% and 7% to 9.4BU and 2.5BU while Term Ahead Market grew by 143% to 0.5BU. FY19 volumes grew by 8% to 61BU. DAM and TAM volumes grew by 12% and 53% yoy while REC volumes declined by 4% yoy. Note that volumes related to trading electricity grew by 13% (DAM and TAM) During the quarter, IEX has removed the exemption on trading margin (2 paise/Kwh) being charged to ...
- Mohit Kumar
- CFA
Indian Energy Exchange's Q3FY19 results (Outperformer) - Regulatory di...
Q3FY19 result highlights IEX day ahead market volume grew by 21% yoy in Q3FY19 and TAM market grew by 33% to 0.8BU in Q3FY19 while REC trading volumes declined by 78% yoy to 1.2BU and absence of ESCERT Volumes. As a result, overall volume declined by 17% yoy to 14.9BU. During Q3FY18, REC volumes witnessed a spurt due to lower volumes in H1FY18 (uncertainty on account of legal cases) and ESCERT Volumes was 1BU traded only during Q3FY18 (will be traded after completion of PAT cycle). As a ...
- Mohit Kumar
- CFA
Indian Energy Exchange's Q2FY19 results (Outperformer) - A strong quar...
Q2FY19 result highlights IEX reported a 35% yoy growth in trading volumes to 17.3BU in Q2FY19. Day Ahead market volume grew by 16 %yoy in Q2FY19. REC trading volumes grew to 3.1BU, +314% yoy. TAM market grew by 33% to 0.4BU. Note that REC volumes have witnessed high growth in H1FY19 after regulators directed to restart the solar REC trade from April 2018 (REC trade was halted in April and May 2017). As a result, Sales grew by 20%yoy to Rs669m and EBITDA grew by 18% yoy to Rs547m (vs est of ...
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