Orient Electric Q3 FY24 net profit drops 25%

In the quarter ending December 30, 2023, Orient Electric has recorded a 25.28% decline in its net profit. The company reported a profit after tax of Rs 243.3 million in Q3 FY24, down from Rs 325.6 million in the same quarter of the previous fiscal, as per a filing with the BSE. Despite this dip in profit, the company's net total income for Q3 FY24 was Rs 7562.1 million, indicating a modest growth of 1.14% compared to Rs 7476.5 million in the corresponding quarter of the previous year. The board of directors has given its nod for an interim dividend of Rs 0.75 (75%) per equity share with a face value of Rs 1 each for the financial year 2023-24. Additionally, approval was granted for the issuance of 7,85,207 stock options to eligible employees under the Orient Electric Employee Stock Option Scheme-2019.