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Indian Energy Exchange (IEX), India’s leading electricity exchange, aims for double-digit growth in trading volumes, said its Chief Financial Officer (CFO) & Company Secretary Vineet Harlalka.
“We are targeting double-digit volume growth as a minimum,” Harlalka told ETCFO.
Beyond mere expansion in trading volumes, the company’s focus is on enhancing customer value through initiatives such as improving price discovery, launching new products, and increasing operational flexibility, he said. These efforts underscore IEX’s strategic priorities of customer-centricity, automation, and innovation in delivering tailored solutions to the energy sector.
“Our primary focus remains on innovating for customer-centricity, automation, and sector-specific solutions,” Harlalka stated.
The CFO highlighted a notable increase in electricity consumption. India has seen approximately 14 per cent year on year increase in electricity consumption in the first two months of this financial year. He highlighted the critical role of IEX in facilitating India’s energy market growth, poised for robust expansion amidst supportive government policies.
Strategic priorities for operational excellence
Speaking on IEX’s strategic priorities, Harlalka outlined two critical areas of focus: “Implementing robust system-based controls and rigorous checks in our technology-driven exchange business where financial transactions are central, are two top priorities as CFO. Equally important is fostering leadership across all domains to ensure continual learning and growth among our teams.” These initiatives, he said, are pivotal in maintaining operational excellence and driving long-term success at IEX.
Technological investments driving efficiency
Regarding technological investments, Harlalka highlighted IEX’s substantial commitments over the past 2-3 years in enhancing its IT infrastructure, including significant OPEX and CAPEX expenditures on a robust API based system and cybersecurity enhancements totalling Rs 20-30 crores. Integration of finance and IT functions, alongside advanced software systems like SAP, underscores IEX’s commitment to seamless operations and stringent regulatory compliance.
Navigating regulatory landscape
Addressing compliance challenges, Harlalka reiterated IEX’s adherence to governance principles, stating, “We are committed to being law-abiding citizens.” He advocated for greater transparency in tax matters and called for more consistent regulatory requirements, cautioning against frequent policy changes that disrupt automated processes and necessitate substantial operational adjustments.
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