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

Reduce Orient Electric; target of Rs 230 : HDFC Securities

The Nifty is likely to continue its march upwards amid consolidation with hurdle at 19,500-19,600 levels, whereas the near term support is expected to be 19,300-19,200 levels, followed by crucial support at 19,000, experts said

Top 10 trading ideas for 3-4 weeks as bull run may continue for now

It is advisable to secure profits at higher levels and avoid complacency until the indicators exit the overbought territory.

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Care Ratings stated that the ratings assigned to the bank facilities of Orient Electric (OEL) continue to draw strength from its established market position with PAN-India presence and strong brand recall in the domestic fans industry with sustained marketing efforts and continuous product innovation to remain competitive. Furthermore, the non-fans segment has been growing at a faster pace and hence gradually de-risking the product concentration, although, fans continue to remain a sizeable contributor to the total operating income (TOI) in FY23 (refers to the period April 01 to March 31). The ratings also factor in the comfortable capital structure and strong debt coverage indicators and liquidity. The ratings continue to draw strength from OEL being a part of the established C.K. Birla group.The ratings take note of the moderation in operating profitability of OEL in FY23 with contraction in profitability margins in the electrical consumer durables (ECD) segment, though the lighting and switchgear segment exhibited growth. The sales and profitability of fans were impacted during the year on account of unfavourable weather conditions in the peak seasons and disruptions caused by the implementation of BEE star ratings for fans, which was in line with the industry trend. Going forward, with normalisation of demand and various marketing initiatives undertaken by the company, the performance of the ECD segment is expected to improve. The ratings remain constrained by the working capital-intensive nature of operations, exposure to volatility in raw material prices, seasonality in sale of OELs products, and stiff competition in the industry. OEL is implementing a greenfield project in Hyderabad to further increase its fan manufacturing capacity and improve its presence in the southern India market. The project is envisaged to be entirely funded out of internal generations and the liquidity available on OELs books. The ratings take cognisance of the implementation risk associated with the planned capex in southern India.Orient Electric, belonging to the CK Birla Group, is engaged in the manufacturing of fans (capacity of 97 lakh units p.a.), lights & luminaries (capacity of 341 lakh units p.a.) and switchgear units (capacity of 142.8 lakh units p.a.), through its manufacturing units situated across Haryana (Faridabad), West Bengal and Noida. OEL is also engaged in the selling of home appliance products (coolers, water heaters, etc).  The company reported 49.53% decline in net profit to Rs 24.62 crore on a 12.67% fall in sales to Rs 657.91 crore in Q4 FY23 over Q4 FY22.The scrip shed 0.47% to currently trade at Rs 243.85 on the BSE.

Care Ratings reaffirms ratings of Orient Electric; maintains 'stable' outlook 

Orient Electric announced that Care Ratings has re-affirmed the ratings for companys bank facilities as under:Long Term  Short Term Bank Facilities (Rs 470 crore) CARE AA; Stable  CARE A1+ (Reaffirmed)Short Term Bank Facilities (Rs 103.30 crore) CARE A1+ Reaffirmed

Orient Electric receives affirmation in credit ratings for bank facilities 

According to the survey, the four leading brands in the fan segment are Bajaj, Havells, Orient, and Crompton

Durables retailers unimpacted by e-commerce, price hikes, finds Kotak survey

Birla Corporation shares rallied 7 percent to Rs 1,092, the highest closing level since September 20 last year and formed robust bullish candlestick pattern on the daily charts with significantly higher volumes. The stock has been making higher highs, higher lows for third consecutive session.

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

Reduce Orient Electric; target of Rs 230: HDFC Securities

Orient Electric Standalone March 2023 Net Sales at Rs 657.91 crore, down 12.67% Y-o-Y

The Nifty50 index is now sustaining above its 20, 50 and 200-day SMA (simple moving average) which supports the bullish sentiments for the upcoming weeks.

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Orient Electric Ltd. is engages in the manufacture and sale of electronic equipment. It operates through the Electrical Consumer Durables and Lighting and Switchgear segments. The Electrical Consumer Durables segment involves in the manufacture, purchase, and sale of electric fans such as ceiling, portable, and airflow, as well as components, accessories, and appliances. The Lighting and Switchgear segment comprises manufacture, purchase, and sale of lights, luminaries and switchgears. The company was founded in 1954 and is headquartered in New Delhi, India.

Watchers	48
52-Wk Low	214.45
52-Wk High	291.00

Market Cap	46.88B
Volume (M)	272,093.00
52-Wk High	291.00
52-Wk Low	214.45

ORIENTELEC.NSE Orient Electric Ltd.

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