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IEX Q3 Review - Robust Revenues Backed By High Ebitda Margins: ICICI Direct

IEX Q3 Review - Robust Revenues Backed By High Ebitda Margins: ICICI Direct

A financial trader monitors data on computer screens on the trading floor. (Photographer: Jasper Juinen/Bloomberg)  
A financial trader monitors data on computer screens on the trading floor. (Photographer: Jasper Juinen/Bloomberg)  

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

Indian Energy Exchange Ltd.'s revenue for the quarter came in at Rs 117.5 crore, up 37.9% YoY (versus our estimate of Rs 116.2 crore).

IEX’s total volume for Q3 FY22 was at 27676 million units versus 25856 million units QoQ and 20116 million units YoY. Rise in volumes was due to resumption of REC trading coupled with rising power demand attracted many buyers and sellers to make transaction through exchange, which led to total volume growth of 7.1% QoQ and 37.24% YoY.

IEX registered an Ebitda margin of 84.1% versus 86.1% QoQ (declining Ebitda margin is due to higher other expenses).

Absolute Ebitda came in at Rs 98.8 crore, versus Rs 95 crore in last quarter (our estimate of Rs 99.2 crore).

Click on the attachment to read the full report:

ICICI Direct IEX Q3FY22 Result Update.pdf

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