Buy Indian Energy Exchange, target price Rs 170: Yes Securities

Yes Securities has buy call on Indian Energy Exchange with a target price of Rs 170. The current market price of Indian Energy Exchange is Rs 148.1. Yes Securities recommended to keep stop loss at Rs 139.

Indian Energy Exchange, incorporated in the year 2007, is a Mid Cap company (having a market cap of Rs 13282.34 Crore) operating in Financial Services sector.

Indian Energy Exchange key Products/Revenue Segments include Sale of services and Other Operating Revenue for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 117.35 Crore, up 3.15 % from last quarter Total Income of Rs 113.77 Crore and down -10.27 % from last year same quarter Total Income of Rs 130.78 Crore. Company has reported net profit after tax of Rs 71.18 Crore in latest quarter.

The company’s top management includes Mr.Satyanarayan Goel, Mr.Gautam Dalmia, Mr.Amit Garg, Ms.Sudha Pillai, Mr.Tejpreet Singh Chopra, Prof.Kayyalathu Thomas Chacko. Company has BSR & Associates LLP as its auditors. As on 31-12-2022, the company has a total of 90 Crore shares outstanding.

Investment Rationale
Staged a bullish ABC breakout with bullish anchor column, follow through on P&F may head towards Rs 170.

Promoter/FII Holdings
Promoters held 0 per cent stake in the company as of 31-Dec-2022, while FIIs owned 15.49 per cent, DIIs 21.73 per cent.