- 29 Jan 2024
- ICICI Securities
IEX REPORTED A STEADY SET OF Q3FY24 RESULTS
IEX - 195 Change: -4.35 (-2.18 %)News: IEX reported a steady set of Q3FY24 results. During the quarter, IEX recorded a trading volume of 28.3 billion units (BU’s), an increase from 24.2 BU in Q3FY23, marking a growth of 16.8% YoY. This volume includes 25.9 BU from the conventional power market segment and 0.4 BU from the green market segment. Revenue for the company grew by 20.3% YoY, increasing from Rs. 117.4 crore in Q3FY23 to Rs. 141.2 crore. in Q3FY24. On a standalone basis, the PAT for Q3FY24 saw a YoY increase of 25.5%, rising from Rs. 71.2 crore in Q3FY23 to Rs. 89.3 crore in Q3FY24. The company also declared Rs 1 as interim dividend.
Views: IEX has been commanding dominating market share in the power exchanges segment given increasing penetration of trading on exchanges and continuous introduction of newer products. But given the regulatory risk like implementation of market coupling mechanism and rich valuations will limit the appreciation in the stock price.
Impact: Neutral