Orient Electric Q4 Results: Profit falls as mounting expenses offset demand
New Delhi-based Orient reported a net profit of 128 million rupees ($1.5 million) for the three months ended March 31, compared with 246.2 million rupees a year earlier.
Appliances maker on Thursday reported a 48% fall in its fourth-quarter as higher offset .Driven by , consumer goods makers have resorted to offering deals and discounts to attract consumers affected by rising prices, thereby impacting their profit margins.
New Delhi-based Orient reported a net profit of 128 million rupees ($1.5 million) for the three months ended March 31, compared with 246.2 million rupees a year earlier.
Orient Electric, which also sells fully automatic coffee machines, hand mixers and switchgears, said its from operations rose 19.7% to 7.88 billion rupees.
Total expenses rose 23.3% year-on-year to 7.79 billion rupees, dragged by a 55% jump in employee costs and a near 24% rise in purchase of traded goods.
Despite strong of from November 2023 to mid-February 2024, the subsequent sales have been tepid for the company.
Revenue in its business that makes ceiling fans and air coolers was rose 24.4% year-on-year.
Rival posted a higher quarterly profit on strong demand for room ACs and fans.
Shares of closed lower at 7.3% after the results. They fell 14.9% in the March .
($1 = 83.4954 Indian rupees)
(Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Nivedita Bhattacharjee)
Source: Stocks-Markets-Economic Times
