Indian Energy Exchange Ltd

₹ 166 1.35%
05 Aug - close price
About

Indian Energy Exchange is a Power Exchange, licensed by the Central Electricity Regulatory Commission (CERC) for spot trading in power / electricity and trading of Renewal Energy Certificate (REC) and Energy Saving Certificates (ESCerts). The main activity of the company is to provide an automated platform and infrastructure for carrying out trading in electricity units for physical delivery of electricity.(Source : 202003-01 Annual Report Page No:139)

Key Points

India’s 1st Energy Exchange[1]-
IEX is the first and largest energy exchange in India providing a nationwide, automated trading platform for physical delivery of electricity. The exchange platform enables efficient price discovery and increases the accessibility and transparency of the power market in India while also enhancing the speed and efficiency of trade execution.

  • Market Cap 14,873 Cr.
  • Current Price 166
  • High / Low 319 / 126
  • Stock P/E 48.4
  • Book Value 7.67
  • Dividend Yield 1.21 %
  • ROCE 63.3 %
  • ROE 48.6 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 24.2% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 46.9%
  • Company has been maintaining a healthy dividend payout of 52.4%
  • Company's median sales growth is 16.0% of last 10 years

Cons

  • Stock is trading at 21.6 times its book value
  • Debtor days have increased from 26.3 to 74.9 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Miscellaneous Industry: Miscellaneous

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
61 67 60 69 66 71 85 95 90 109 114 112 98
11 14 12 15 17 13 13 14 14 13 16 17 17
Operating Profit 49 53 48 54 49 58 72 81 77 96 98 95 81
OPM % 82% 79% 80% 78% 74% 81% 85% 85% 85% 88% 86% 85% 82%
9 11 10 10 14 9 11 7 12 12 12 16 15
Interest 1 1 0 1 1 1 1 0 1 0 0 0 1
Depreciation 3 3 4 5 4 4 4 3 4 4 4 4 4
Profit before tax 55 61 53 59 58 62 78 84 84 103 106 107 91
Tax % 28% 20% 21% 20% 26% 24% 23% 24% 24% 24% 25% 24% 25%
Net Profit 40 49 42 47 43 47 60 64 64 78 80 81 69
EPS in Rs 0.44 0.54 0.47 0.53 0.48 0.52 0.67 0.71 0.71 0.87 0.89 0.90 0.76

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
36 60 138 174 176 170 199 230 254 257 317 426 433
15 19 34 38 41 45 55 46 51 53 58 60 63
Operating Profit 21 41 104 136 136 125 143 185 203 204 259 366 370
OPM % 59% 68% 75% 78% 77% 74% 72% 80% 80% 80% 82% 86% 85%
5 11 -6 0 0 25 34 26 40 40 40 52 55
Interest 0 0 0 0 0 0 0 0 1 2 2 2 2
Depreciation 4 4 6 3 3 3 3 10 10 15 16 16 17
Profit before tax 23 48 93 133 132 147 174 200 232 228 282 400 407
Tax % 17% 29% 29% 31% 32% 32% 35% 34% 29% 22% 24% 24%
Net Profit 19 34 66 92 90 100 114 132 165 178 213 303 307
EPS in Rs 0.23 0.42 0.81 1.12 1.10 1.16 1.31 1.45 1.81 1.98 2.38 3.37 3.42
Dividend Payout % 14% 16% 8% 9% 88% 72% 113% 50% 0% 42% 56% 59%
Compounded Sales Growth
10 Years: 22%
5 Years: 16%
3 Years: 19%
TTM: 27%
Compounded Profit Growth
10 Years: 24%
5 Years: 24%
3 Years: 24%
TTM: 31%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 49%
1 Year: 18%
Return on Equity
10 Years: 45%
5 Years: 47%
3 Years: 47%
Last Year: 49%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
30 30 30 30 30 30 30 30 30 30 30 90
Reserves 48 75 141 223 210 168 245 249 334 352 491 599
0 0 0 3 0 0 0 0 0 14 12 10
95 107 114 116 169 227 280 295 342 272 394 996
Total Liabilities 169 208 282 369 406 424 554 574 706 668 927 1,695
14 22 12 10 14 11 8 119 111 119 115 110
CWIP 2 0 0 0 0 0 1 1 1 1 6 5
Investments 104 125 189 247 254 281 383 268 475 514 710 1,247
48 60 81 111 137 131 162 186 118 35 96 333
Total Assets 169 208 282 369 406 424 554 574 706 668 927 1,695

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
52 30 76 76 92 89 206 131 138 128 304 788
-54 -20 -69 -90 24 -23 -21 -33 -62 -5 -194 -473
34 -0 -7 -8 -106 -70 -109 -126 -78 -161 -77 -136
Net Cash Flow 32 10 -0 -22 10 -4 76 -29 -2 -38 33 179

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 7 1 1 1 1 2 0 0 66 0 4 75
Inventory Days
Days Payable
Cash Conversion Cycle 7 1 1 1 1 2 0 0 66 0 4 75
Working Capital Days -687 -448 -208 -191 -335 -384 -494 -322 -371 -323 -386 -732
ROCE % 53% 72% 61% 48% 67% 64% 67% 67% 57% 60% 63%

Shareholding Pattern

Numbers in percentages

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
26.48 30.53 31.99 31.25 30.23 29.62 36.81 36.66 37.74 31.01 27.07 20.77
29.24 29.70 31.27 33.77 35.06 36.62 27.91 25.47 23.13 17.66 19.48 21.65
43.84 39.33 36.33 34.59 34.32 33.39 34.93 37.53 38.81 51.02 53.15 57.29
0.44 0.44 0.41 0.39 0.39 0.37 0.35 0.33 0.31 0.31 0.29 0.29

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