Buy Orient Electric, target price Rs 310: HDFC Securities

HDFC Securities has buy call on Orient Electric with a target price of Rs 310. The current market price of Orient Electric Ltd. is Rs 266.4.
Orient Electric Ltd., incorporated in the year 2016, is a Mid Cap company (having a market cap of Rs 5706.47 Crore) operating in Consumer Durables sector.

Orient Electric Ltd. key Products/Revenue Segments include Electrical Equipment, Scrap, Sale of services and Export Incentives for the year ending 31-Mar-2024.



Financials
For the quarter ended 30-06-2024, the company reported a Standalone Total Income of Rs 757.33 Crore, down -4.46 % from last quarter Total Income of Rs 792.70 Crore and up 6.89 % from last year same quarter Total Income of Rs 708.49 Crore. Company reported net profit after tax of Rs 14.34 Crore in latest quarter.

Promoter/FII Holdings
Promoters held 38.31 per cent stake in the company as of 30-Jun-2024, while FIIs owned 6.56 per cent, DIIs 27.65 per cent.