Orient Electric Ltd
Orient Electric is one of the leading consumer electrical brands in India with a diverse portfolio of fans, lighting, home appliances and switch-gears. The company takes pride in its R&D capabilities, spirit of continuous innovation and commitment to manufacturing cutting-edge lifestyle electrical products that meet the needs and expectations of modern consumers. [1]
- Market Cap ₹ 4,120 Cr.
- Current Price ₹ 193
- High / Low ₹ 279 / 189
- Stock P/E 56.9
- Book Value ₹ 28.8
- Dividend Yield 0.78 %
- ROCE 19.2 %
- ROE 13.5 %
- Face Value ₹ 1.00
Pros
- Company has been maintaining a healthy dividend payout of 37.0%
Cons
- The company has delivered a poor sales growth of 9.59% over past five years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Consumer Durables Industry: Domestic Appliances
Quarterly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM | |
---|---|---|---|---|---|---|---|---|
216 | 1,600 | 1,864 | 2,062 | 2,033 | 2,448 | 2,529 | 2,682 | |
193 | 1,461 | 1,721 | 1,885 | 1,813 | 2,217 | 2,378 | 2,522 | |
Operating Profit | 24 | 139 | 143 | 177 | 220 | 231 | 151 | 160 |
OPM % | 11% | 9% | 8% | 9% | 11% | 9% | 6% | 6% |
1 | 3 | 8 | 4 | 6 | 6 | 27 | 36 | |
Interest | 3 | 24 | 23 | 26 | 21 | 20 | 22 | 23 |
Depreciation | 2 | 20 | 23 | 40 | 43 | 47 | 54 | 57 |
Profit before tax | 20 | 98 | 105 | 114 | 162 | 170 | 102 | 116 |
Tax % | 41% | 35% | 34% | 31% | 26% | 25% | 26% | |
12 | 64 | 69 | 79 | 120 | 127 | 76 | 87 | |
EPS in Rs | 3.02 | 3.27 | 3.71 | 5.64 | 5.97 | 3.56 | 4.08 | |
Dividend Payout % | 0% | 33% | 31% | 31% | 35% | 34% | 42% |
Compounded Sales Growth | |
---|---|
10 Years: | % |
5 Years: | 10% |
3 Years: | 7% |
TTM: | 2% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | 3% |
3 Years: | -1% |
TTM: | -28% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | 5% |
3 Years: | -15% |
1 Year: | -29% |
Return on Equity | |
---|---|
10 Years: | % |
5 Years: | 23% |
3 Years: | 22% |
Last Year: | 13% |
Balance Sheet
Figures in Rs. Crores
Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Sep 2023 | |
---|---|---|---|---|---|---|---|---|
Equity Capital | 0 | 21 | 21 | 21 | 21 | 21 | 21 | 21 |
Reserves | 192 | 242 | 285 | 338 | 434 | 520 | 563 | 594 |
211 | 186 | 135 | 155 | 61 | 68 | 97 | 124 | |
344 | 359 | 447 | 446 | 645 | 579 | 583 | 490 | |
Total Liabilities | 747 | 808 | 889 | 960 | 1,162 | 1,187 | 1,265 | 1,229 |
0 | 106 | 117 | 190 | 186 | 212 | 226 | 240 | |
CWIP | 0 | 5 | 4 | 10 | 11 | 3 | 86 | 151 |
Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
747 | 698 | 768 | 760 | 965 | 972 | 953 | 838 | |
Total Assets | 747 | 808 | 889 | 960 | 1,162 | 1,187 | 1,265 | 1,229 |
Cash Flows
Figures in Rs. Crores
Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|
59 | 91 | 132 | 129 | 427 | 11 | 190 | |
4 | -22 | -31 | -51 | -151 | 78 | -110 | |
-40 | -62 | -100 | -103 | -144 | -80 | -66 | |
Net Cash Flow | 23 | 7 | 1 | -24 | 133 | 10 | 14 |
Ratios
Figures in Rs. Crores
Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|
Debtor Days | 609 | 88 | 77 | 64 | 64 | 58 | 51 |
Inventory Days | 516 | 73 | 76 | 74 | 64 | 67 | 57 |
Days Payable | 1,462 | 97 | 101 | 86 | 133 | 93 | 91 |
Cash Conversion Cycle | -337 | 65 | 52 | 53 | -6 | 33 | 18 |
Working Capital Days | 1,016 | 58 | 49 | 48 | 2 | 30 | 22 |
ROCE % | 29% | 29% | 29% | 35% | 34% | 19% |
Documents
Announcements
- Closure of Trading Window 1d
- Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 16 Feb
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript 7 Feb
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
3 Feb - PFA, letter pertaining recording link Q3 FY23-24 of analyst meet
- Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Feb
Annual reports
Concalls
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Feb 2024Transcript PPT
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Oct 2021TranscriptNotesPPT
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Oct 2020TranscriptNotesPPT
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Jul 2020TranscriptNotesPPT
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Jun 2020TranscriptNotesPPT
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Jan 2020TranscriptNotesPPT
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Oct 2019TranscriptNotesPPT
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Aug 2019TranscriptNotesPPT
Electric Consumer Durables Segment [1]
Company sells ceiling fans (portable and airflow) and appliances – air coolers, geysers, and home appliances, etc. under brand name Orient Electric. The segment contributed about 69% of the total sales in FY23 (73% in FY22).
OEL is among the top three players in organized fans industry and is the largest exporter of fans from India, with strong presence in West Asia, Africa, USA and Europe. Exports constituted 4.52% of net sales in FY23 (vs 5.64% in FY22). Company is trying to reduce its product concentration on fans.
The fan industry is undergoing a shift, with BEE’s mandatory star labeling norms for fans coming into effect from 1st January 2023.[2]