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ICICI Direct Report
Indian Energy Exchange Ltd.'s revenue for the quarter came in at Rs 98.4 crore, up 8% YoY and down 12.2% QoQ (versus our estimate of Rs 98.5 crore).
Subdued numbers are due to CERC imposing a capping of Rs 12 on all the segments of power exchanges that reduces the volumes on platform.
IEX registered an Ebitda margin of 82.4% versus 84.7% QoQ and 82.2% YoY, declining margins are due to negative operating leverage. Absolute Ebitda came in at Rs 81 crore, versus Rs 94.9 crore in last quarter (our estimate of Rs 80.8 crore)
Employee cost declined 15.9% YoY and 30.4% QoQ to Rs 8.1 crore. Other expenses were increased by 65.4% QoQ to Rs 9.3 crore.
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