Orient Electric Q4 Results: Posts quarterly profit rise on strong demand
Home appliances maker
Orient Electric
posted an over two-fold rise in fourth-quarter profit on Friday, helped by strong
demand
for its fans and air coolers with the onset of summer.
The company's profit rose to 312.6 million rupees (USD 3.66 million) in the quarter ended March 31, from 128 million rupees a year ago.
Revenue
from operations grew 9.4 per cent to 8.62 billion rupees during the quarter.
For further earnings highlights, click
KEY CONTEXT
The fourth quarter was strong for consumer durables makers, driven by an early summer in India and channel filling for products like air coolers, refrigerators, and fans, according to analysts.
India saw above-average temperatures from January to March, with both days and nights warmer than normal across most regions.
Fans saw solid demand from summer stocking, with companies implementing modest price hikes.
Revenue from Orient Electric's consumer durables segment, which includes fans, air coolers, and kitchen appliances, rose 7.9 per cent in the quarter. The segment remains its main revenue driver.
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