The New Delhi-based company said its profit for the April-June quarter rose to 196.9 million rupees ($2.38 million) from 189.5 million rupees a year ago.

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KEY CONTEXT

The June quarter is generally a peak demand period for companies with consumer durable businesses, which includes products like fans and air-conditioners. However, analysts said unseasonal rains and inflationary pressures resulted in erratic demand for summer-centric products in the quarter, and that demand for cables and wires was robust on the back of infrastructure spending.

Peer Havells India reported higher June-quarter profit on stronger demand for wires and cables, underscoring the rising infrastructure spending by the federal government.

PEER COMPARISON

Valuation (next 12 months) Estimates (next 12 months) Analysts' sentiment

RIC PE EV/EBITDA Revenue growth Profit growth Mean rating* # of analysts Stock to price target** Div yield (%)

Orient Electric Ltd ONTE.NS 36.77 18.90 14.13 51.03 Buy 17 0.88 0.65

Havells India Ltd HVEL.NS 52.08 34.69 15.00 29.57 Buy 23 0.93 0.57

Crompton Greaves CROP.NS 29.57 20.24 11.06 21.70 Buy 36 0.87 1.03

Consumer

Electricals Ltd

Johnson JCHA.BO 51.13 20.04 13.59 NULL Buy 4 0.90 NULL

Controls-Hitachi

Air Conditioning

India Ltd

* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

APRIL-JUNE STOCK PERFORMANCE

-- All data from Refinitiv

($1 = 82.5750 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; editing by Eileen Soreng)