Girish Pai

Nirmal Bang

Equity Bottom-Up

<p>4QFY21 Result Update</p>
<h2>Orient Electric</h2>
<h3>Robust growth, healthy margin, sharp decline in working capital</h3>
<p>Orient Electric posted highest ever quarterly revenue of Rs8bn in 4QFY21, up 42% YoY and 11%/4% above our/consensus estimates. B2C sales of fans, consumer luminaires, water heaters, small kitchen appliances registered good growth while B2B projects remained muted on account of muted capex activity and projects execution. Though on a lower base, sales were aided by continued consumer demand, scale…</p>

<p>3QFY21 Result Update</p>
<h2>Orient Electric</h2>
<h3>Robust growth, healthy margins, sharp decline in working capital</h3>
<p>Orient Electric posted revenue of Rs6.2bn in 3QFY21, up 25% YoY and 21%/14% above our/consensus estimates. B2C sales of fans, consumer luminaires, water heaters and kitchen appliances registered good growth while B2B projects remained muted. Sales were aided by pent-up demand, festive season, e-commerce, market share shift from un-organised players to leading brands and pre-buying by trade…</p>

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<p>2QFY21 Result Update</p>
<h2>Orient Electric</h2>
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<h3>Cost control leads to robust margins and profitability</h3>
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<p>Orient Electric posted revenue of Rs4.3bn in 2QFY21, flat YoY, 11%/4% above our/consensus estimates. B2C sales of fans, consumer luminaires, water heaters and kitchen appliances registered good growth while B2B projects remained muted. Sales were aided by pent-up demand, rising rural consumption as well as channels such as e-commerce and large format stores. ECD segment’s revenue rose 8% YoY…</p>
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<p>1QFY21 Result Update</p>
<h2>Orient Electric</h2>
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<p><strong>COVID-19 lockdown leads to sales disruption &amp; loss</strong></p>
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<p>Orient Electric posted revenue of Rs1.8bn in 1QFY21, down 69% YoY due to COVID-19 lockdown. The topline was 26%/37% below our/consensus estimates. Orient Electric’s master distributors (of fans) carried peak opening inventory whereas the secondary sales picked up after mid-May, with sales in June being at 100% level on YoY basis. Good secondary sales and market share gains led to reduction in trade…</p>
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India

Orient Electric Limited manufactures consumer electrical products. The Company offers fans, lighting, home appliances, switchgear, circuit breaker, isolator, room heater, hand blender, and rice cooker. Orient Electric serves customers in India.

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