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Equity Bottom-Up

<ul><li>We met Orient Electric's management—Mr. Ravindra Singh Negi (MD and CEO) and Mr. Arvind Vats (CFO).</li><li>Management attributed the weak Q1 performance to unfavorable monsoon conditions, which led to dealer destocking.</li><li>Except elevated channel inventory in coolers, the inventory for other categories is at normal levels now. </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 Orient Electric's management—Mr. Ravindra Singh Negi (MD and CEO) and Mr. Arvind Vats (CFO).Management attributed the weak Q1 performance to unfavorable monsoon conditions, which led to dealer destocking.Except elevated channel inventory in coolers, the inventory for other categories is at normal levels now. 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: Navigating Headwinds; Margin Key Focus

Thematic (Sector/Industry)

<ul><li>Post a reasonably good festive season, demand environment is likely to have slackened for most consumer durable categories due to (1) weak consumer sentiment due to inflationary pressures, and (2) delayed onset of winters</li><li>RAC continues to shine aided by second summer season and normal channel inventory thereby supporting overall industry growth</li><li>Timely onset of summer season remains key monitorable in coming months</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.

Post a reasonably good festive season, demand environment is likely to have slackened for most consumer durable categories due to (1) weak consumer sentiment due to inflationary pressures, and (2) delayed onset of wintersRAC continues to shine aided by second summer season and normal channel inventory thereby supporting overall industry growthTimely onset of summer season remains key monitorable in coming monthsContent 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 (Q3FY25): Demand slackens post some festive cheer

<ul><li>With Q2 being seasonally the weakest quarter, the demand environment remained impeded by weak consumer sentiment due to inflationary pressures</li><li>As channel inventory ran dry post a sizzling summer season, primary sales of cooling products (more so RAC and air coolers) are likely to support overall industry growth</li><li>While Onam demand (start of the festive season) was below expectation, early trends from Navratri/Dusshera have been encouraging</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 Q2 being seasonally the weakest quarter, the demand environment remained impeded by weak consumer sentiment due to inflationary pressuresAs channel inventory ran dry post a sizzling summer season, primary sales of cooling products (more so RAC and air coolers) are likely to support overall industry growthWhile Onam demand (start of the festive season) was below expectation, early trends from Navratri/Dusshera have been encouragingContent 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 (Q2FY25 Results Preview): Soft Quarter, Festive Season a Key Monitorable

<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

<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

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)

Orient Electric: Navigating Headwinds; Margin Key Focus

We met Orient Electric's management—Mr. Ravindra Singh Negi (MD and CEO) and Mr. Arvind Vats (CFO). Management attributed the weak Q1 performance...

HDFC Securities

Consumer Durables & EMS (Q3FY25): Demand slackens post some festive cheer

RAC continues to shine aided by second summer season and normal channel inventory thereby supporting overall industry growth. Timely onset of...

HDFC Securities

Consumer Durables & EMS (Q2FY25 Results Preview): Soft Quarter, Festive Season a Key Monitorable

With Q2 being seasonally the weakest quarter, the demand environment remained impeded by weak consumer sentiment due to inflationary pressures

HDFC Securities

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

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