Orient Electric’s net profit dips 49.53% in Q4 FY23, Real Estate News, ET RealEstate

June 23, 2023

NEW DELHI: Orient Electric, part of CK Birla Group, has reported a dip of 49.53 per cent in its net profit during the quarter ended March 31, 2023. Its profit after tax stood at Rs 24.62 crore in Q4 FY23 as against Rs 48.78 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s total income stood at Rs 664.25 crore in Q4 FY23, a dip of 12.14 per cent from Rs 756 crore it recorded in the similar quarter last year.

Revenue from lighting and switchgear segment stood Rs 200.26 crore in Q4 FY23, a growth of 11.76 per cent from Rs 179.18 crore it saw in Q4 FY22. Its profit before tax was 39.08 crore in Jan-March 2023 quarter as against Rs 28.07 crore in similar quarter last year. The lighting & switchgear segment’s share within the portfolio has increased to 31% in FY23 vs 26% in FY21.

The board of directors recommended a final dividend of Re 0.75 (75 %) per equity share of face value of Re 1 each for the financial year ended March 31, 2023. The company had declared and paid an interim dividend of Rs 0.75 (75%) per equity share during the previous quarter of financial year 2022-23, thereby making a total dividend of Rs 1.50 (150 %) per equity share of Re 1 each for the financial year 2022-23.

The allotment of 5,80,321 equity shares of Re. 1 each of the company at an exercise price of Rs 144.10 each pursuant to exercise of similar number of Stock Options by the respective Option Holders, granted earlier under Orient Electric Employee Stock Option Scheme – 2019.

  • Published On May 12, 2023 at 05:45 PM IST

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