The CK Birla group firm, Orient Electric Ltd on Wednesday reported a 3.9 per cent increase in its net profit at Rs 19.69 crore in Q1 FY24, on the back of double-digit growth from durables business and improvement in gross margins. Orient Electric had posted a net profit of Rs 18.95 crore in the corresponding quarter last fiscal, Orient Electric said in a regulatory filing. Shares of Orient Electric Ltd were trading at Rs 230.40 on Wednesday, 15:45 IST on NSE, down 58 bps from the previous close.
However, its revenue from operations was up 13.51 per cent to Rs 705.63 crore during the period under review as against Rs 621.63 crore in the corresponding period of the previous fiscal. The “revenue growth of 13.5 per cent YoY driven by the ECD (Electrical Consumer Durables) portfolio despite headwinds,” – earnings presentation by Orient Electric. Its “gross margin improvement aided by product mix changes with a focus on Hero products, Project Sanchay and lower commodity prices”, it added.
Orient Electric’s total expenses in the first quarter of FY24 were up 13.37 per cent to Rs 681.89 crore. During the quarter, its digital revenue recorded a 58 per cent YoY growth and exports grew by 38 per cent. Its total income in the June quarter was at Rs 708.49 crore, up 13 per cent.
Its revenue from the ECD segment stood at Rs 515.03 crore, up 15.64 per cent, as against Rs 445.34 crore a year ago. The growth was broad-based across categories. While the ‘Lighting & Switchgear’ segment was up 8.11 per cent to Rs 190.60 crore as against Rs 176.29 crore of the corresponding quarter a year ago. “Lighting and Switchgear reported growth of 8.1 per cent YoY, despite lower collections and price reduction in lamps owing to lower cost of DoB technology passed on to the market,” it added.
