IEX · Financial Services
Indian Energy Exchange Ltd. reported revenue of ₹131 cr for October to December 2024, +13.9% on the year and −5.8% on the quarter.
Operating profit (EBITDA) was ₹113 cr, a margin of 86.3%, −70 bps on the year and −7 bps on the quarter. Over the last 7 quarters the margin has ranged from 78.8% to 87.0%, averaging 84.3%. Operating costs grew +20.0%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹103 cr, +15.7% on the year and −2.8% on the quarter, with earnings per share of ₹1.16. Profit before other income, one-offs and tax grew 12.8%, so the profit growth came from the business itself. The tax rate of 24% is in line with its recent average.
Most power earnings are regulated returns on equity, with fuel costs passed through, so revenue can swing with fuel prices while profit moves far less. The quarterly statements do not carry plant load factor, capacity added and regulated equity; those come with the filing read.
On earnings per share of ₹4.47 over the last four quarters, the stock at ₹107.95 trades at 24.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹115 cr | ₹121 cr | ₹124 cr | ₹139 cr | ₹131 cr | ₹141 cr | ₹140 cr | ₹154 cr | ₹144 cr | ₹172 cr | ₹158 cr | ₹167 cr |
| YoY | — | — | +19% | +28% | +14% | +17% | +13% | +11% | +10% | +22% | +13% | +9% |
| EBITDA margin | 87.0% | 86.8% | 80.6% | 86.3% | 86.3% | 86.5% | 81.4% | 86.7% | 83.3% | 86.0% | 82.9% | 84.6% |
| Other income, % of PBT | 22% | 22% | 25% | 20% | 21% | 21% | 29% | 18% | 25% | 13% | 25% | 20% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 25% | 25% | 26% | 24% | 24% | 25% | 23% | 24% | 24% | 24% | 23% |
| Net profit | ₹89.0 cr | ₹95.0 cr | ₹93.0 cr | ₹106 cr | ₹103 cr | ₹112 cr | ₹113 cr | ₹123 cr | ₹115 cr | ₹124 cr | ₹135 cr | ₹139 cr |
| YoY | — | — | +26% | +28% | +16% | +18% | +22% | +16% | +12% | +11% | +19% | +13% |
| Core profit YoY | — | — | +24% | +31% | +13% | +17% | +14% | +16% | +8% | +22% | +23% | +10% |
| EPS | ₹1.00 | ₹1.07 | ₹1.05 | ₹1.19 | ₹1.16 | ₹1.26 | ₹1.27 | ₹1.39 | ₹1.29 | ₹1.39 | ₹1.52 | ₹1.56 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Indian Energy Exchange Ltd. reported revenue of ₹131 cr (+13.9% on the year) and net profit of ₹103 cr (+15.7% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +12.8% on the year, against +15.7% for reported profit.
None of the 7 checks that could run raised a question.
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.