BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Orient Electric Ltd.’s Q4 FY21 revenue was up 42%, in line with our estimate, with the two-year compound annual growth rate at 12%.
Despite pressure on gross margins, a strong focus on cost led to Ebitda margin expansion of 50 basis points YoY to 12.1%.
In FY21, strong pent-up demand post the first lockdown led to flat revenue on a YoY basis.
Lower employee cost (down 10% YoY) and other expenses (down 23% YoY) aided margin expansion to 10.8% (up 220 basis points).
The sustainability of these cost rationalizations in FY22 remains to be seen – we have built in a 60 basis points cushion.
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