IEX Shares Jump After Q1 Results, Brokerage Maintains 'Buy'

IEX‘s share price was upbeat on Thursday morning, going up close to 2% to hit an intraday high of ₹176.35.

What Happened: The company reported a 27% year-on-year increase in consolidated net profit, which reached ₹96.44 crore in the June quarter, up from ₹75.8 crore in the same quarter last year.

Revenue from operations for the power trading exchange grew by 18.75% to ₹123.5 crore, compared with ₹104 crore in the corresponding quarter of the previous year.

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Reacting to the results, research firm Investec maintained a “buy” rating on the Indian Energy Exchange with a target price of ₹175 per share. The brokerage said that the company’s performance in the June quarter was in line with expectations. The brokerage noted that the higher operating expenses were partly offset by increased other income.

The volume growth was healthy, and topline growth was largely in line with Investec’s estimates. Key areas to watch, as per the analysts, include commentary on the rise in other expenses and updates on upcoming product launches.

Price Action: IEX’s share price was up 1.02% to trade at ₹176.21 in early trade on Thursday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.