IEX Q1 results: IEX Q1 results: Profit after tax grows 47% to Rs 62 crore

New Delhi: The (IEX) on Friday said its consolidated profit after tax (PAT) grew 47 per cent to Rs 62.10 crore in June 2021 quarter, mainly due to higher revenues. The company had posted a Rs 42.09-crore PAT in the June quarter of the financial year 2020-21, IEX said in a statement.

The company’s total revenues during April-June 2021 stood at Rs 102.88 crore, higher from Rs 81.09 crore in the year-ago period.

The company further said that despite the partial lockdown during the quarter, the electricity consumption showcased significant growth through the quarter registering a year-on-year growth of 17 per cent to 340 billion units (BU) with the revival of economic activities.

The country saw its highest-ever peak demand of 191.5 GW (gigawatt) in June 2021. The power consumption growth soared further in July, with peak demand reaching over 200 GW, the highest ever in India, it said.

As of June 2021, installed power capacity at 384 GW saw 3.5 per cent y-o-y growth. “The renewable energy capacity reached 97 GW from an earlier 88 GW in the financial year 2020 witnessing a 10.4 per cent year on year growth,” it said.

The fast-paced growth in renewable capacity underlines the gradual energy shift that has been underway and an increased impetus on building a decarbonised and sustainable energy economy, the bourse added.