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<ul><li>In Q1FY25, the consumer durables aggregate revenue grew by 21% YoY (+16% 2-yr CAGR)</li><li>The growth was driven by the summer portfolio (room AC, air coolers, fans) which benefited from a harsh summer season</li><li>White goods/ ECD segments’ revenues grew by 41%/17% YoY (+19%/+12% 2-yr CAGR)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q1FY25, the consumer durables aggregate revenue grew by 21% YoY (+16% 2-yr CAGR)The growth was driven by the summer portfolio (room AC, air coolers, fans) which benefited from a harsh summer seasonWhite goods/ ECD segments’ revenues grew by 41%/17% YoY (+19%/+12% 2-yr CAGR)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Durables & EMS: Decoding Q1FY25 Trends

Equity Bottom-Up

<ul><li>We met Mr Ravindra Singh Negi (MD &amp; CEO) and Mr Saibal Sengupta (CFO) wherein they reiterated their focus on key strategic pillars of (1) customer-centric product innovation and service enhancement, (2) expanding distribution and reach (through DTM), (3) building new channels (digital/MFR), (4) cost optimisation through Project Spark Sanchay, and (5) manufacturing excellence (Hyderabad plant – Industry 4.0 standards)</li><li>The management remains enthused by the strong recall of the brand “Orient” and will look to leverage it to further improve market share in fans while scaling up other categories</li><li>Key things we shall be watching out for in the near-medium term (1) long-term vision/strategy of the new MD, (2) scale-up of existing DTM states and new additions, (3) innovation pipeline, (4) Hyderabad plant stabilization and derived cost efficiencies.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We met Mr Ravindra Singh Negi (MD &amp; CEO) and Mr Saibal Sengupta (CFO) wherein they reiterated their focus on key strategic pillars of (1) customer-centric product innovation and service enhancement, (2) expanding distribution and reach (through DTM), (3) building new channels (digital/MFR), (4) cost optimisation through Project Spark Sanchay, and (5) manufacturing excellence (Hyderabad plant – Industry 4.0 standards)The management remains enthused by the strong recall of the brand “Orient” and will look to leverage it to further improve market share in fans while scaling up other categoriesKey things we shall be watching out for in the near-medium term (1) long-term vision/strategy of the new MD, (2) scale-up of existing DTM states and new additions, (3) innovation pipeline, (4) Hyderabad plant stabilization and derived cost efficiencies.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Orient Electric: Sailor on board; execution key monitorable. Maintain BUY

<ul><li>With the country witnessing an intense heatwave, demand for consumer durables in 1Q was largely led by cooling products which witnessed inventory stock-outs as demand outstripped supply</li><li>Ex of the cooling portfolio, there was the sustenance of only a gradual improvement in consumer sentiment</li><li>Rising RM prices, high A&amp;P spending and EPR costs are likely to keep margins under check</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

With the country witnessing an intense heatwave, demand for consumer durables in 1Q was largely led by cooling products which witnessed inventory stock-outs as demand outstripped supplyEx of the cooling portfolio, there was the sustenance of only a gradual improvement in consumer sentimentRising RM prices, high A&amp;P spending and EPR costs are likely to keep margins under checkContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Durables & EMS: Summer Season Drives Demand Uptick

<ul><li>With consumer sentiment witnessing a gradual improvement, rising temperatures and the expectation of a hot summer season are expected to support growth for consumer durables in Q4</li><li>Stable commodity prices and improving op-lev will enable sequential improvement in margins</li><li>We expect our consumer durable universe to register a revenue/EBITDA/PAT growth of 22/12/18% YoY (13/9/8% five-year CAGR)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

With consumer sentiment witnessing a gradual improvement, rising temperatures and the expectation of a hot summer season are expected to support growth for consumer durables in Q4Stable commodity prices and improving op-lev will enable sequential improvement in marginsWe expect our consumer durable universe to register a revenue/EBITDA/PAT growth of 22/12/18% YoY (13/9/8% five-year CAGR)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Durables & EMS (Q4FY24 Results Preview): Summer portfolio to shine

<ul><li>State Bank of India: SBIN’s Q3FY24 earnings missed estimates due to one-off additional provision of INR54bn towards pension and INR17bn for DA relief, partly offset by lower credit costs</li><li>Loan growth was healthy (+15% YoY) with domestic margins being stable at 3.4%</li><li>Deposit growth lagged loan growth with the CASA ratio (39.5%, -72bps QoQ) continuing to drift lower, however, SBIN continued to maintain surplus SLR</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

State Bank of India: SBIN’s Q3FY24 earnings missed estimates due to one-off additional provision of INR54bn towards pension and INR17bn for DA relief, partly offset by lower credit costsLoan growth was healthy (+15% YoY) with domestic margins being stable at 3.4%Deposit growth lagged loan growth with the CASA ratio (39.5%, -72bps QoQ) continuing to drift lower, however, SBIN continued to maintain surplus SLRContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: State Bank of India, Indian Hotels, Mphasis, Aptus Value Housing Finance India

India

Orient Electric Limited manufactures consumer electrical products. The Company offers fans, lighting, home appliances, switchgear, circuit breaker, isolator, room heater, hand blender, and rice cooker. Orient Electric serves customers in India.

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Orient Electric Ltd (ORIENTEL IN)

Consumer Durables & EMS: Decoding Q1FY25 Trends

In Q1FY25, the consumer durables aggregate revenue grew by 21% YoY (+16% 2-yr CAGR). The growth was driven by the summer portfolio (room AC, air...

HDFC Securities

Orient Electric: Sailor on board; execution key monitorable. Maintain BUY

The management remains enthused by the strong recall of the brand “Orient” and will look to leverage it to further improve market share in fans...

HDFC Securities

Consumer Durables & EMS: Summer Season Drives Demand Uptick

With the country witnessing an intense heatwave, demand for consumer durables in 1Q was largely led by cooling products which witnessed inventory...

HDFC Securities

Consumer Durables & EMS (Q4FY24 Results Preview): Summer portfolio to shine

With consumer sentiment witnessing a gradual improvement, rising temperatures and the expectation of a hot summer season are expected to support...

HDFC Securities

HSIE Results Daily: State Bank of India, Indian Hotels, Mphasis, Aptus Value Housing Finance India

SBIN’s Q3FY24 earnings missed estimates due to one-off additional provision of INR54bn towards pension and INR17bn for DA relief, partly offset by...

HDFC Securities

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