IEX shares rally 9% in 3 days after Q4 results beat
[hfe_template id='11223']
[ad_1]
Shares of IEX surged 9% in the last 3 trading sessions on reporting Q4 profit after tax (PAT) at Rs 95.1 crore. IEX reported a 14.7% YoY increase in its PAT on May 15 along with a revenue at Rs 149.5 crore for the fourth quarter of the financial year 2024. For fiscal year 2024, the board of directors also announced a final dividend of Rs 1.50, equivalent to 150% of the face value of equity shares. The improved supply scenario resulted in increased sell liquidity at IEX, despite an increase in the country’s energy demand in the fiscal year 2024. In FY24, the sell liquidity on the exchange increased by 17% YoY, stated the company in a filing to the exchanges. Domestic brokerage firm Nuvama, while commenting on IEX’s Q4 performance, stated that they see a limited upside in the stock despite factoring in 17% volume growth in FY24–26E (13% in FY24), and long-term growth of 14–15% and hence retained a ‘reduce’ rating on IEX with a target price ...