Orient Electric’s Q1 FY-24 Financial Results
YoY Comparison of Orient’s Financial Numbers: Q1 FY-24 vs. Q1 FY-23
Oreint Electric’s top line exhibited a healthy increase of 13.51% YoY to Rs. 705.63 crore in Q1 of FY-24 from Rs. 621.63 crore during Q1 of FY-23.
Profit After Tax (PAT) of the company though, remained almost stagnant Year over Year (YoY), growing slightly by 3.91% YoY to Rs. 19.69 crore during Q1 of FY-24 from Rs. 18.95 crore, which had been logged during Q1 of FY-23.
Correspondingly, there was also a marginal increase in Orient’s Earnings Per Share (EPS) to Rs. 0.92 during Q1 of FY-24 from Rs. 0.89, which was reported for Q1 of FY-23.
QoQ Comparison of Orient Electric’s Financials: Q1 FY-24 vs. Q4 FY-23
Orient’s revenue for Q1 of FY-24 was 7.25% higher than the company’s Rs. 657.91 crore revue clocked during Q4 of FY-23.
Correspondingly, Orient Electric’s Q1 FY-24 PAT showed a considerable decrease of 20.02% from Rs. 24.62 crore, which was earned during Q4 of FY-23.
Orient Electric’s Segment-Wise Revenue
Electrical Consumer Durables: This segment brought in 72.99% of the company’s total revenue for Q1 of FY-24.
Orient’s Q1 revenue from its Electrical Consumer Durables (ECD) segment portrayed a healthy YoY growth of 15.65% to Rs. 515.03 crore in FY-24 from Rs. 445.34 crore in FY-23.
In the ECD segment, Q1 sales of electric fans grew by 16% YoY while those of water heaters grew by 23% YoY. Other than this, Q1 sales of small appliances grew by 32% YoY.
Lighting & Switchgear: This segment brought in Rs. 190.60 crore to Orient’s Q1 FY-24 revenue against Rs. 176.29 crore during Q1 of FY-23. Therefore, the company’s Q1 Lighting and switchgear revenue has grown by 8.12%.
“B2B registered 40% increase on YoY basis and healthy enquiry base”, stated the company’s Q1 FY-24 results presentation. Switchgear segment saw an increased B2B demand from real estate sector during Q1 of FY-24.
Regarding the company’s recent venture into the house wires segment, Orient Electric stated that there has been a “promising start” from Punjab and Bihar, and that onboarding of channel partners for house wires and switchgear is in progress.
Q1 Exports 38% Up YoY Despite Global Headwinds
Speaking about the company’s growth in exports, Mr. Deepak Khetrapal, Vice Chairman and MD of Orient Electric, said, “We had a good growth this year in Q1 over last year Q1 in exports, growth over 38%”.
The company’s presentation clarified that this growth has been despite headwinds in Sudan, Sri Lanka, and Ghana, which are important overseas markets for Orient Electric’s product offerings.
Orient Electric’s Share Price Gains over 4% Post Announcement of Results
In the week following the announcement of results, Orient Electric’s share prices recorded a 4.62% jump.
Further, volume of trades of the company’s shares peaked at 6,82,000 trades two days after the company announced its Q1 FY-24 financials, against 4,66,000 trades on the day before announcing the financials, thereby representing a 46.35% jump.
About Orient Electric Ltd.: Orient Electric Ltd. is a part of the C.K. Birla Group, and is a manufacturer of FMEG products, lighting products, and switchgear. The company has a presence in 35 countries. In India, the company is a major manufacturer and exporter of electric fans with about 60% share in the country’s fan exports. For the complete FY-23, the company reported a top line of Rs. 2,529.17 crore.