Orient Electric reported 14.5% fall in net profit to Rs 32.5 crore despite an 8.9% increase in revenue from operations to Rs 739 crore in Q3 FY23 over Q3 FY22.
Cost of goods sold during the quarter was Rs 527.5 crore, up 7.4% YoY. Further, Employee expenses and Other expenses in Q3 FY23 increased by 17.9% YoY and 37.8% YoY, respectively.
EBITDA fell by 17.5% to Rs 54.9 crore in the third quarter from Rs 48.7 crore in the same period last year. EBITDA Margin in Q3 December 2022 was 7.4% as against 9.8% in Q3 December 2021.
Profit before tax in Q3 FY23 stood at Rs 43.6 crore, down by 14.4% from Rs 50.9 crore in Q3 FY22.
The company's board has approved the payment of Interim Dividend of Rs 0.75 per equity share for the financial year 2022-23 and have fixed Thursday, 09 February 2023 as the 'record date' for determining the shareholders who will be entitled to the said dividend. The interim dividend will be paid to the entitled shareholders within 30 days from the date of declaration.
Orient Electric is engaged in the manufacturing of fans, lights & luminaries and switchgear units, hrough its manufacturing units situated across Haryana (Faridabad), West Bengal and Noida. OEL is also engaged in selling of home appliance products (coolers, water heaters, etc).
The scrip advanced 2.31% to currently trade at Rs 267.45 on the BSE.
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