I believe that, apart from Spot market share in overall electricity market going up to 25%, there could be other positive factors like people returning to office, Malls remaining open in all cities, 24 hours permission to shops in Delhi recently, may add some demand of electricity in future.
Most of the IT industry was working from home till Early 2022, and Now slowly IT people have started working from offices. At home, probably they will use same electricity which is used by others at home.
We need to watch next 2-3 quarters if there is some positive impact, else growth may be lower than expectations.
I may be wrong in my analysis.
Disc: Invested in IEX.
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