Indian Energy Exchange - Q1FY22 First Cut - ICICI Direct

(CMP :Rs. Rs. 446; MCap: Rs. 13358)

IEX reported a sturdy Q1FY22 performance, which was a beat to our estimate on all parameters. The company saw strong volumes in April and June whereas May witnessed a slight dip led by the second wave. The company has declared a final dividend of Rs. 1.5 per share for the year ended March 2021.

Q1FY22 Earnings Summary

- Revenue for the quarter came in at Rs. 91 crore (I-direct estimate of Rs. 87.3 crore), up 31% YoY and down 3% QoQ. On a YoY basis total volumes leaped 43.6% , a major contributor to the jump being RTM segment which contributed 524 MUs in Q1FY21 vs 4635 MUs in Q1FY22. Sequentially, volumes registered a fall of 5%

- EBIDTA came in at Rs. 74.9 crore (I-direct estimate of Rs. 71.4 crore), up 55.5% YoY and down 3.4% QoQ. Entailing margins remained stable at 82.2% vs 70.9% YoY & 82.6% QoQ

- Other income for the quarter came in at Rs. 11.8 crore vs Rs. 13.2 crore YoY & Rs. 6.5 crore QoQ

- Ensuing PAT came in at Rs. 62.1 crore (I-direct estimate of Rs. 56.9 crore), up 47.5% YoY & 2% QoQ. Tax rate for the quarter stood at 24.2%

We would be coming out with a report post the conference call.

Shares of Indian Energy Exchange Ltd was last trading in BSE at Rs. 445.95 as compared to the previous close of Rs. 426.95. The total number of shares traded during the day was 239284 in over 6318 trades.

The stock hit an intraday high of Rs. 449 and intraday low of 431.95. The net turnover during the day was Rs. 105480889.

Source : Equity Bulls

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