Buy Indian Energy Exchange, target price Rs 285: ICICI Direct

ICICI Direct has buy call on Indian Energy Exchange with a target price of Rs 285. The current market price of Indian Energy Exchange is Rs 214.2. Time period given by analyst is one year when Indian Energy Exchange Ltd. price can reach defined target.

Indian Energy Exchange Ltd., incorporated in the year 2007, is a Mid Cap company (having a market cap of Rs 19056.29 Crore) operating in Financial Services sector.

Indian Energy Exchange Ltd. key Products/Revenue Segments include Sale of services and Other Operating Revenue for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 128.44 Crore, down -1.79 % from last quarter Total Income of Rs 130.78 Crore and up 28.02 % from last year same quarter Total Income of Rs 100.33 Crore. Company reported net profit after tax of Rs 86.96 Crore in latest quarter.

Investment Rationale
For the past year, IEX has remained richly valued given its clean balance sheet, near monopoly and bright future prospects. The brokerage continues to remain positive and retains BUY rating on the stock

Promoter/FII Holdings
Promoters held 0 per cent stake in the company as of 31-Mar-2022, while FIIs owned 31.9 per cent, DIIs 14.65 per cent.