Buy Orient Electric, target price Rs 355: Centrum Broking

Centrum Broking has buy call on with a target price of Rs 355. The current market price of . is Rs 272.55.

Time period given by analyst is one year when Orient Electric Ltd. price can reach defined target.

Orient Electric Ltd., incorporated in the year 2016, is a Mid Cap company (having a market cap of Rs 5794.79 Crore) operating in Consumer Durables sector.

Orient Electric Ltd. key Products/Revenue Segments include Electrical Equipment, Scrap, Export Incentives for the year ending 31-Mar-2022.

Financials

For the quarter ended 30-06-2022, the company reported a Standalone Total Income of Rs 626.82 Crore, down -17.09 % from last quarter Total Income of Rs 756.00 Crore and up 48.11 % from last year same quarter Total Income of Rs 423.22 Crore. Company reported net profit after tax of Rs 18.95 Crore in latest quarter.

Investment Rationale
The brokerage expects ORIENTEL to post 14%/22% revenue/EPS CAGR over FY22‐24E. While short term outlook is challenging, FY24E looks promising as ORIENTEL will be a key beneficiary of shift to BLDC fans from January 2023 leading to higher realization and better margins.

Promoter/FII Holdings
Promoters held 38.52 per cent stake in the company as of 30-Jun-2022, while FIIs owned 6.16 per cent, DIIs 29.08 per cent.

(Disclaimer: Recommendations given in this section or any reports attached herein are authored by an external party. Views expressed are that of the respective authors/entities. These do not represent the views of Economic Times (ET). ET does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same. Please consult your financial adviser and seek independent advice.

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