Buy Orient Electric, target price Rs 320: HDFC Securities

HDFC Securities has buy call on Orient Electric with a target price of Rs 320. The current market price of Orient Electric Ltd. is Rs 266.35.

Orient Electric Ltd., incorporated in the year 2016, is a Mid Cap company (having a market cap of Rs 5654.20 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 31-03-2024, the company reported a Standalone Total Income of Rs 792.70 Crore, up 4.83 % from last quarter Total Income of Rs 756.21 Crore and up 19.34 % from last year same quarter Total Income of Rs 664.25 Crore. Company reported net profit after tax of Rs 12.80 Crore in latest quarter.


Promoter/FII Holdings
Promoters held 38.31 per cent stake in the company as of 31-Mar-2024, while FIIs owned 6.52 per cent, DIIs 27.11 per cent.