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Motilal Oswal Report
Orient Electric Ltd.'s Q4 FY21 revenue was up 42%, in line with our estimate, with the two-year compound annual growth rate at 12%.
Despite pressure on gross margins, a strong focus on cost led to Ebitda margin expansion of 50 basis points YoY to 12.1%.
In FY21, strong pent-up demand post the first lockdown led to flat revenue on a YoY basis.
Lower employee cost (down 10% YoY) and other expenses (down 23% YoY) aided margin expansion to 10.8% (up 220 basis points).
The sustainability of these cost rationalizations in FY22 remains to be seen – we have built in a 60 basis points cushion.
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