News: On back of strong volume growth in Q1FY25 on back of robust power demand, IEX reported robust operational performance. The company reported consolidated revenue growth of 18.8% YoY at Rs 123.6 crore. IEX reports 30.4 Bus volumes in Q1FY25, 21.1% growth YoY. EBITDA came in at Rs 99 crore, up 21.8%. Other income stood at Rs 30 crore vs. Rs 23.3 crore in Q1FY24. Consequently, PAT came in at Rs. 96.4 crore up 27.2% YoY.
Views: We like the dominating position of IEX in the Indian power exchange market and the bouquet of products its offers. Given the strong tailwind in the power sector, demand dynamics are expected to keep IEX in a sweet spot. On the flip side, regulatory risks like market coupling can keep the stock under check in the medium term.
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