Orient Electric's Profit Slump Amid Revenue Growth

Orient Electric Ltd reported a significant decline in its net profit for Q2 2024, despite a rise in revenue. The firm saw a 43.41% fall in net profit to Rs 10.44 crore. Meanwhile, revenue from operations grew by 16.44% to Rs 660.15 crore, driven by strong performance in key segments.

Orient Electric Ltd, a part of the CK Birla Group, announced a notable drop in net profit for the second quarter ending September 2024. The company's net earnings decreased by 43.41%, settling at Rs 10.44 crore compared to Rs 18.45 crore during the same period last year.

Revenue from operations, however, showed an upward trend, increasing by 16.44% to Rs 660.15 crore. This growth was attributed to a robust performance across the lighting, appliances, and fans segments, supported by digital innovations, festive demand, and higher price realizations.

Despite this revenue increase, total expenses rose by 14.94% to Rs 650.11 crore. The company's total income, including other sources, reached Rs 664.34 crore. On the BSE, shares of Orient Electric Ltd closed at Rs 210.30, reflecting a 1.61% decrease from the previous day.

(With inputs from agencies.)