Hitachi Energy India Q1 profit jumps 4-fold to ₹10 crore

The company had reported a net profit of ₹2.4 crore for the year-ago period, it said in a BSE filing.

Revenues rose to ₹1,327.3 crore from ₹1,043 crore.

"As the energy transition gathers pace, investments in the power sector - especially renewables continued to grow," said N Venu, MD & CEO of Hitachi Energy India.

This is reflected in the company's strong order intake and record order backlog which it is steadily converting to revenues through solid execution while keeping a close watch on costs.

"We are optimistic on ongoing market support, especially in our identified high growth segments - renewables, HVDC, data centres, electrification of transport, etc," he added.

In the June quarter, orders totalled ₹2,436.7 crore, more than double as compared to the year-ago period.

Renewables led the charge – from studies across utilities and industries to nearly 2.5GW of grid integration projects, along with several power quality projects. Expansion, upgrades and improved efficiency also resulted in orders from existing power plants, it stated.

The company also received orders from distribution utilities, for the upgrade of digital solutions to provide better real-time visibility and network management.

Service orders included GIS upgrades, annual maintenance contracts and replacement equipment as well as overhaul of key transformer components.

Exports were up 47% YoY (excluding large high-voltage direct current export orders).

Orders for transformers, power quality technologies and other key products were booked from markets like Europe, the Middle East, Australia and neighbouring countries in South Asia, it stated.

As of June 30, 2024, the order backlog stood at a record high of ₹8,539.4 crore, providing revenue visibility for the coming several quarters.

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