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ICICI Securities Report
Orient Electric Ltd.'s aggressive investments in research and development and ad-spend have helped it build competitive advantages in consumer electricals.
With distribution expansion, it has gained market share across segments (fans, consumer durables) over the past decade. We believe the company has the potential to grow higher than the industry growth of ~15% due to-
differentiated launches,
distribution expansion and
steady expansion of product portfolio.
We model Orient Electric's Ebitda margin to correct 30 basis points in FY24E due to prevailing input material inflation. We model 15.2% and 17.2% compound annual growth rates in revenue and profit after tax over FY22-24E.
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