Motilal Oswal 's research report on Indian Energy Exchange
Indian Energy Exchange (IEX) is an electricity exchange that offers a transparent and efficient platform for the Short-Term (ST) trading of power. Over the past decade (FY11–20), volumes on IEX have jumped >4x. With new product launches, a continued oversupplied market, and IEX’s competitive positioning, we expect volumes/PAT for IEX to increase at a 20%/19% CAGR over FY21–23.
We initiate coverage on IEX with a Buy rating, at TP of INR250/sh based on 30x Sep’22 EPS.
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