IEX announces Q4 results, Net profit up 9.5%

Indian Energy Exchange (IEX) reported a robust financial performance for the quarter and financial year ended March 31, 2024. The Board of Directors approved the audited financial results, showcasing the company’s solid growth and strategic advancements.

Financial Performance

In Q4FY24, the company achieved a consolidated net profit of 966.9 million rupees, an increase from 883.4 million rupees year-over-year (YoY). The quarterly revenue also saw a rise, reaching 1.2 billion rupees compared to 1.07 billion rupees in the same period last year. Furthermore, Q4 EBITDA grew to 1.05 billion rupees from 931 million rupees YoY. Despite these gains, the Q4 EBITDA margin experienced a slight decline, edging down to 86.22% from 87.02% YoY.

Dividend Declaration

IEX’s Board of Directors proposed a dividend of Rs. 1.50 per equity share to reward shareholders. The record date for dividend eligibility is May 31, 2024. Pending approval at the forthcoming AGM, the dividend will be distributed within 30 days, reinforcing IEX’s reputation for reliability and shareholder satisfaction.

Change in Statutory Auditors

The board appointed M/s Walker Chandiok & Co LLP as the new statutory auditors, replacing M/s B S R & Associates LLP after their term ended. Established in 1935, Walker Chandiok will serve for five years from the 18th to the 23rd AGM. This change aims to improve audit processes, enhancing transparency and compliance with regulatory standards.

Management Commentary

The management of IEX expressed optimism about the company’s future prospects by highlighting the company’s steady increase in transaction volumes, additionally, they emphasized their focus on leveraging technology to enhance efficiency and user satisfaction. They also discussed strategic efforts to explore new market segments and reaffirmed their dedication to delivering shareholder value and ensuring sustainable growth.

Conclusion: The Indian Energy Exchange (IEX) demonstrated growth in Q4FY24. With a notable increase in net profit and revenue, the company continues to prioritize shareholder value through dividends and improved audit processes, while focusing on technology and market expansion for sustained future growth.