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MOSL: ORIENT ELECTRIC (Buy)-Gross margin pressure offset by operating ...
ORIENT ELECTRIC: Gross margin pressure offset by operating leverage (ORIENTEL IN, Mkt Cap USD1b, CMP INR338, TP INR500, 48% Upside, Buy) Demand environment steady, despite an erosion in pent up demand Revenue grew 37% YoY and came in 19% above our estimate. While the surge in commodity prices led to a 480bp YoY deterioration in gross margin, strong volume growth, led by operating leverage, cushioned the impact at the EBITDA margin level v/s our expectation. EBITDA grew 7% YoY and was 31...
MOSL: ORIENT ELECTRIC (Buy)-Revenue surprised positively, demand holdi...
ORIENT ELECTRIC: Revenue surprised positively, demand holding up well (ORIENTEL IN, Mkt Cap USD0.9b, CMP INR323, TP INR395, 22% Upside, Buy) Revenue came in 6% above our estimate in Commodity cost inflation impacted the ECD segment the most. However, OEL’s cost saving program ‘Sanchay’ arrested the decline in gross margin. EBITDA margin stood 110bp below our estimate of 6.4% due to commodity cost inflation pressures and negative operating leverage. Adjusted profit stood at INR50m v/s our ...
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