Shares of Indian Energy Exchange (IEX) fell nearly 3% 213 on the BSE in early deals on Thursday after the company reported a rise of over 45% in its consolidated net profit. 88 crore in the quarter ended March 2022, mainly on the back of higher revenues, compared to the year-ago period.
,IEX Margin reduction is reported in Q4FY22 results. The revenue of the company is also less than expected. In such a situation, the shares of IES may feel some pressure in the short term. However, it has strong support 190 and around no dip 200 or less The 200 position would be a good buying opportunity for investors with a short to medium term target of Rs. 244,” said Ravi Singhal, vice chairman, GCL Securities.
The Board of Directors of IEX has recommended a final dividend of Re 1 per equity share for the financial year ended March 31, 2022. The dividend shall be paid within 30 days from the date of approval of the shareholders at the ensuing Annual General Meeting (AGM).
“On YoY basis, the company’s results look good, but on QoQ basis it has failed to show growth though it is a growth focused company with an operating margin of around 84 per cent. Besides, the company is also debt-free. This slide is for short term in IES stocks as the company has reported de-growth on QoQ basis. 6 crore exceptional earnings,” said Aastha Jain, Senior Research Analyst, Hem Securities.
IEX is the leading electricity exchange in India, which facilitates electricity trading. Shares of IEX are up about 73% in the one-year period, while the stock is down more than 17% in 2022 (YTD).
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.