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Shares of Indian Energy Exchange, the technology-led energy marketplace, fell to a fresh 52-week low after reporting a decline in topline and bottom-line for the September quarter.

The company's revenue fell below the Rs 100 crore mark, declining 13 percent from the same period last year to Rs 95.2 crore. Net profit also declined 8 percent to Rs 71.2 crore during the quarter under review.

Operating profit or EBITDA declined 17 percent due to weak volumes during the quarter while margin contracted by nearly 400 basis points to 82.8 percent from 86.1 percent.

Volumes during the quarter declined 9 percent from last year to 23 billion units. On a sequential basis, volumes declined 11 percent. Supply-side constraints due to high prices of e-auction coal, imported coal, and gas impacted volumes during the quarter.

The average day-ahead market price increased to Rs 5.40 per unit during the quarter as against Rs 4.14 last year.

The average day-ahead market price during the June quarter was Rs 7.76 per unit.

IEX added new products to the existing longer-duration contracts portfolio such as daily contracts for up to 90 days, weekly contracts for up to 12 weeks, and monthly contracts for a period of up to 3 months. Analysts believe that the Long Duration Contracts could present a potential opportunity of 74 billion units for the company.

Shares of IEX are trading nearly 3 percent lower at Rs 136.50 as of Noon. The stock has nearly halved this year.

(Edited by : Rukmani Krishna)

First Published:Oct 21, 2022 12:03 PM IST