Indian Energy Exchange (IEX) has announced impressive financial performance for the quarter ended June 2024.
Key Highlights:
- Net profit surged 27% YoY to Rs 96.44 crore.
- Revenue grew 18.75% YoY to Rs 123.5 crore.
- Trading volume increased 21.1% YoY to 30.4 billion units.
- Country’s energy consumption rose 11.2% YoY to 452 billion units.
Positive Outlook:
- Investec maintains a ‘buy’ rating on IEX with a target price of Rs 175 per share.
- Share price has gained 41% in the last year, outperforming the Nifty 50.
Potential Areas of Focus:
- Higher other expenses: Investors will be watching for explanations on this increase.
- New product launches: Updates on upcoming products will be crucial.
Overall, IEX’s strong performance reflects the growing demand for electricity in India and the company’s ability to capitalize on this trend.
