IEX Q1 Review - Sturdy Performance: ICICI Direct
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ICICI Direct Report
Indian Energy Exchange Ltd. is the premier electricity exchange in India, which facilitates trading of electricity. The company commands a market share of ~95% in the power exchange market.
IEX reported robust Q1 FY22 results.
Revenue for the quarter came in at Rs 91 crore (our estimate of Rs 87.3 crore), up 31% y-o-y, down 3% q-o-q.
On a y-o-y basis, total volumes leaped 43.6%, a major contributor to the jump being real-time market segment that contributed 524 million units in Q1 FY21 versus 4635 million units in Q1 FY22.
Sequentially, volumes registered a fall of 5%.
The company saw strong volumes in April and June whereas May witnessed a slight dip led by the second wave.
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