HDFC Securities has issued a buy recommendation for Orient Electric, setting a target price of Rs 320 per share. Currently, the market price of Orient Electric Ltd. stands at Rs 266.35.
Company Overview:
Orient Electric Ltd., founded in 2016, operates in the consumer durables sector and is classified as a Mid Cap company with a market capitalization of Rs 5,654.20 crore. The company’s main revenue sources include electrical equipment, scrap, sale of services, and export incentives.
Financial Performance:
For the quarter ending March 31, 2024, Orient Electric reported a standalone total income of Rs 792.70 crore. This is a 4.83% increase from the previous quarter and a 19.34% rise from the same quarter last year. The company achieved a net profit after tax of Rs 12.80 crore in the latest quarter.
Promoter and Investor Holdings:
As of March 31, 2024, promoters hold a 38.31% stake in Orient Electric, while Foreign Institutional Investors (FIIs) own 6.52% and Domestic Institutional Investors (DIIs) hold 27.11%.
Outlook:
HDFC Securities sees strong potential in Orient Electric, setting a target price of Rs 320 per share.
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