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Nirmal Bang Report
Orient Electric Ltd.'s both topline and Ebitda margin were above our estimates by 10.7% and 49 bps respectively due to better-than-expected performance in electrical consumer durable segment.
Fans grew by high teens YoY. Direct-to-market states registered strong growth of 35% YoY in Q2 FY25. Revenue contribution from DTM states stands at ~30% of overall GT Fan sales. New Products – focused on premium stock keeping units – contributed 30% to Fans sales. BLDC contributed 25% to Ceiling Fans, and this is expected to go to ~40-45% in the medium term.
Production of CF in the Hyderabad plant commenced from Sept-24. Stabilization and scale-up is expected in H2 FY25.
The company has been scaling up its presence materially on e-commerce and large format retail platforms across product categories. The Digital channel witnessed stock-out situation, with market share gains. Project Sanchay delivered cost savings of ~Rs 360 million in H1 FY25. The company is expected to maintain a similar run rate going forward.
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