Seeing traction in products launched last year: IEX
IEX reported its Q1FY22 earnings numbers. SN Goel, Chairman and MD of IEX discussed the performance of the company.
IEX reported its Q1FY22 earnings numbers. SN Goel, Chairman and MD of IEX discussed the performance of the company.
Despite of partial lockdown due to second wave of COVID-19, the company reported 43 percent volume growth on an year-on-year (YoY) basis.
“This was mainly because of the new products, which we launched last year. There is a lot of traction in these products, good participation from the market. In spite of the increase in the volumes, price was also competitive. Because of that we saw good participation by all the participants,” he said.
“Power demand in the country was quite high. All these factors led to significant increase in the volume and our profit increase was almost about 48 percent,” he added.
Out of the total generation, almost about 11 percent is traded through the short-term market. And exchange share in power generation trading is almost at 60 percent. “Today we are trading about 6-6.5 percent of the total generation in the country through the IEX platform. Two years back it used to be about 3.5 percent. So there is a significant increase in this number,” he shared.
For the full interview, watch the accompanying video.
(Edited by : Aditi Gautam)
First Published: Jul 23, 2021 3:08 PM IST
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