Orient Electric Limited Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2023
February 01, 2024 at 08:19 am
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Orient Electric Limited reported earnings results for the third quarter and nine months ended December 31, 2023. For the third quarter, the company reported sales was INR 7,519.3 million compared to INR 7,390.4 million a year ago. Revenue was INR 7,562.1 million compared to INR 7,476.5 million a year ago. Net income was INR 243.3 million compared to INR 325.6 million a year ago. Basic earnings per share from continuing operations was INR 1.14 compared to INR 1.53 a year ago. Diluted earnings per share from continuing operations was INR 1.14 compared to INR 1.53 a year ago.
For the nine months, sales was INR 20,244.6 million compared to INR 18,712.6 million a year ago. Revenue was INR 20,349.6 million compared to INR 18,915.3 million a year ago. Net income was INR 624.7 million compared to INR 512.3 million a year ago. Basic earnings per share from continuing operations was INR 2.93 compared to INR 2.41 a year ago. Diluted earnings per share from continuing operations was INR 2.93 compared to INR 2.41 a year ago.
Orient Electric Limited is an India-based lifestyle electrical solutions company. The Company is primarily engaged in manufacture/purchase and sale of electrical consumer durables, lighting and switchgear products. The Company operates through two segments: Electrical Consumer Durables and Lighting and Switchgear. Electrical Consumer Durables segment consists of the manufacture / purchase and sale of electric fans ceiling, portable and airflow, along with components and accessories thereof, and appliances- coolers, geysers and home appliances. Lighting and Switchgear segment consists of manufacture / purchase and sale of lights and luminaires, including light-emitting diode (LED), streetlights and switchgears, including switches and miniature circuit breakers (MCB). Its home appliances products include air-cooler, water heater, room heater, dry iron, steam iron, juicer mixer grinder, mixer grinder and more. The Company has manufacturing facilities at Faridabad, Noida and Kolkata.