Hem Securities has given Buy recommendation for ION Exchange with a target price of Rs. 2526 in its research report issued on Mar 04, 2022

Hem Securities report on ION Exchange

ION Exchange Ltd Q3 FY22 consolidated revenues came in at ₹388 Cr, up 11.18% YoY and up 2.64% QoQ. Op Profit for Q3FY22 stood at ₹43 Cr, down 2.27% YoY and up 7.5% QoQ. Op margins for Q3FY22 came at 11%, -153bps YoY and -100 bps QoQ. PAT for Q3FY22 stood at ₹28 Cr, down 3.44% YoY and up 3.70% QoQ

Outlook

We initiate a “BUY” rating on the stock and value the stock at 17.0x FY23E earnings to arrive at the target of ₹2526.

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