Orient Electric posts net profit of Rs 18.45 crore in Q2 FY24, ET RealEstate

November 3, 2023

NEW DELHI: Orient Electric, part of CK Birla Group, has reported net consolidated profit after tax of Rs 18.45 crore during the quarter ended September 30, 2023. It had registered loss after tax of Rs 0.28 crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 570.26 crore in Q2 FY24, a growth of 10.29 per cent from Rs 517.06 crore it recorded in the similar quarter last year.

The shareholders approved final dividend of Rs. 0.75 per equity share of Re 1 each for the financial year 2022-23.

During the quarter, sales increased 11 per cent year-on-year and stood at Rs 567 crore. Electrical consumer durables (ECD) segment’s revenue increased by 17.2% year-on-year to Rs 363 crore.

Lighting & switchgear segment saw Rs 203 crore revenue, a growth of 1.4% year-on-year. Segment’s EBIT grew by 18.5% to Rs 27 crore with margin at 13.2%, +190bps year-on-year. Switchgear segment delivered high double-digit growth with increase in distribution expansion and electrician touchpoints.

  • Published On Nov 3, 2023 at 01:30 PM IST

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