Orient Electric Ltd. News and Updates

Name: Latest research reports of Orient Electric Ltd. authored by BOB Capital Markets Ltd. and published by - Trendlyne research reports.
Item: Orient Electric Ltd.
Rating: 3
Author: BOB Capital Markets Ltd.

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Orient Electric Ltd.

05 Feb 2024

234.66

0.64%

First Light | Godrej Consumer Products, Jindal Steel & Power, ACC, Bonds Wrap, Currency Outlook, V-Guard Industries, Orient Electric, Somany Ceramics, Greenply Industries, Shree Cement

Hold: Orient Electric Ltd.

BOB Capital Markets Ltd.

GCPL: Consistent volume growth; cut to HOLD post rally. JSP: Valuations overdone; downgrade to HOLD. ACC: Strong margins; cut to HOLD on full valuations. Bonds Wrap: Fortnightly review. Currency Outlook: Fortnightly forex review. VGRD: In-line quarter. ORIENTEL: Slow quarter; Hyderabad plant to spur growth. SOMC: Lacklustre demand dulls performance. MTLM: Strong performance on fast ramp-up of MDF plant. SRCM: Healthy quarter, expensive valuations

Orient Electric Ltd. has an average target of 284.00 from 2 brokers.

Orient Electric Ltd.

06 Nov 2023

234.66

0.64%

HSIE Results Daily: State Bank of India, Titan, Gujarat Gas, Relaxo Footwears, Orient Electric

Sell: Orient Electric Ltd.

HDFC Securities

Relaxo Footwears: Relaxo continues to recoup lost market share. Revenue grew 6.8% YoY to INR7.2bn in Q2 (HSIE: INR7.3bn). Volume/net realization grew 23.1%/-11.5% YoY. Strong volume growth was a function of (i) healthy growth of open footwear (on a low base) and (ii) regaining of lost market share, led by price correction in previous quarters. The margin expanded 392bps YoY to 12.8% (HSIE: 14.4%) as RM prices continued to normalize downwards (GM expanded 900bps YoY to 49.9%). The company expects to sustain at 14%+ EBITDAM levels. We've cut our FY25/26 EPS estimates by 9/5% respectively to account for higher A&P/channel incentives and maintain our SELL rating on the name with a DCF-based TP of INR710/sh, implying 48x Sep-25E P/E. Orient Electric: Orient Electric continues to disappoint both on the revenue and margin fronts. Revenue grew 11% YoY with ECD clocking 17% growth on a low base of -26% (two-year CAGR at -7%). Fans have seen a rating change impact in the last 12 months. ECD revenue in LTM for Orient was at INR 19bn (up +3.5%) vs. Crompton's at INR 50bn (up +6%) and Havells' at INR 33bn (down 2%). Fans clocked 25% growth and management looks for 20% growth in FY24. Delays in the festive season and slow pick-up in demand impacted other consumer products. Lighting clocked 1% growth as price erosion (tech-based) in B2C continued to drag while B2B sustained double-digit growth. GM expanded by 400bps YoY to 30.3% on a better mix and stable RM basket. EBITDA margin print continued to be uninspiring...

Orient Electric Ltd. is trading below its 200 day SMA of 235.6

Orient Electric Ltd.

05 Nov 2023

234.66

0.64%

Fans gaining traction; likely revival in FY25

Accumulate: Orient Electric Ltd.

ICICI Securities Limited

Orient’s Q2FY24 indicates mixed trends as: (1) revenue growth was 11% but margins remained weak, (2) Electronic consumer durable registered strong growth while Lighting and Switchgear remained flat YoY, (3) fans segment is witnessing traction while other segments remained weak.

Orient Electric Ltd. is trading above its 150 day SMA of 228.7

Orient Electric Ltd.

08 Aug 2023

234.66

0.64%

Reduce Orient Electric; target of Rs 230 : HDFC Securities

Moneycontrol

HDFC Securities recommended reduce rating on Orient Electric with a target price of Rs 230 in its research report dated August 04, 2023.

Orient Electric Ltd. has an average target of 284.00 from 2 brokers.

Orient Electric Ltd.

03 Aug 2023

234.66

0.64%

Strong growth across segments with recovery in margins

Accumulate: Orient Electric Ltd.

ICICI Securities Limited

Orient faced multiple extraordinary events such as regulatory changes in fans, steep inflation and distribution restructuring in FY23. It led to 340bps EBITDA margin contraction and 40% PAT decline in FY23 YoY. We believe most of these issues are behind now and the company is likely to report strong performance across segments in FY24-25.

Orient Electric Ltd. is trading above its 150 day SMA of 228.7

Orient Electric Ltd.

26 Jul 2023

234.66

0.64%

Orient Electric completes sale of land parcels; shares inch up

Business Line

The sale transaction, which took place on July 25, 2023, involved land located in Dusakal Village Secretariat and Mekaguda Gram Panchyat

Orient Electric Ltd. is trading above its 150 day SMA of 228.7

Orient Electric Ltd.

16 May 2023

234.66

0.64%

Reduce Orient Electric; target of Rs 230: HDFC Securities

Moneycontrol

HDFC Securities recommended reduce rating on Orient Electric with a target price of Rs 230 in its research report dated May 15, 2023.

Orient Electric Ltd. is trading below its 200 day SMA of 235.6

Orient Electric Ltd.

15 May 2023

234.66

0.64%

Orient Electric (HOLD): Weak end to a challenging FY23

Hold: Orient Electric Ltd.

Target

BOB Capital Markets Ltd.

Growth in lighting & switchgears (+12% YoY) offset by decline in ECD business (-20%) as fans business underperformed in Q4

Orient Electric Ltd. is trading above its 150 day SMA of 228.7

Orient Electric Ltd.

15 May 2023

234.66

0.64%

High trade inventory at beginning of quarter and unseasonal rains affected ECD segment

Accumulate: Orient Electric Ltd.

Target

ICICI Securities Limited

As per our channel checks, trade inventory of fans was ~6 weeks at beginning of Q4FY23 compared to normal inventory of 1-2 weeks. As trade needs to reduce investments in non-star rates fans before Q2FY24, the primary sales of fans declined.