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ICICI Securities Report
Orient Electric Ltd. reported revenue decline of 14.1% YoY in Q2 FY23 due to decline in the fan segment. Temporary destocking of fans by the channel due to change in BEE norms impacted segmental sales.
We also believe weak consumer/ trade sentiments and prolonged rains impacted company's revenues. Further, Orient Electric continued its efforts to establish direct distribution in four states, which resulted in a one-time decline in sales.
We note sales from e-commerce and business-to-consumer channels reported strong growth during the quarter largely due to pre-festive buying.
Orient Electric entered house wires during Q2 FY23. We believe differentiated launches, distribution expansion and steady growth of the product portfolio, will likely result in strong volume growth for the company.
We model Orient Electric to report revenue and profit after tax compound annual growth rates of 13% and 14.2% over FY22-FY24E.
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