Light intensity should be same. However, the no. of photons will be more in case of red LED as the energy of single photon is less.

Here, the assumption is that efficiency of both led is same. which is fairly true in most cases.

> but suppose two lights of same intensity is being shined..the no. of photons of lower frequency will be more than that of higher frequency photons.
>
> so photon flux will be more for red than the blue.
>
> let us check it from some experimental back up.A laser beam and a microwave beam can carry the same amount of energy. In this case the laser beam contains a smaller number of photons, but each photon in the laser beam has a higher energy than the photons in the microwave beam.for energy transfer the amplitude of the wave matters and square of the amplitude determines the intensity.

https://www.quora.com/Does-blue-light-have-more-intensity-as-compared-to-red-light

__Removed first part of quote as it was creating some confusion. Though the statement that photon flux and energy flux are proportional was correct and did not mean equality, it is removed for the sake of clarity.__