Indian Energy Exchange Ltd., incorporated in the year 2007, is a Mid Cap company (having a market cap of Rs 10429.06 Crore) operating in Financial Services sector.
Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 96.09 Crore, up 22.09 % from last quarter Total Income of Rs 78.71 Crore and up 38.42 % from last year same quarter Total Income of Rs 69.42 Crore. Company reported net profit after tax of Rs 58.14 Crore in latest quarter.
Investment Rationale
Debt free balance sheet, ample cash reserves, a huge opportunity pie, necessary technology & new product launches to gain market share makes IEX an attractive play for the theme of shifting to short term power market. Though trading at a premium valuation of 40x FY23E EPS, the brokerage believes IEX is still a good BUY given its high growth trajectory. It initiates coverage on IEX with a BUY rating valuing the company at 45x FY23E EPS with a target price of Rs 430 per share
Promoter/FII Holdings
Promoters held 0 per cent stake in the company as of Dec 30, 2020, while FIIs held 30 per cent, DIIs 36.6 per cent and public and others 33.4 per cent.
