Hitachi Energy India posted a multi-fold jump in its net profit at Rs 23 crore for the quarter ended December 31, 2023, driven by higher revenues. The company’s profit after tax (net profit) recovered by 400% YoY on a low base. In the same period of the previous year, Hitachi Energy India had reported a net profit of Rs 4.6 crore.
N Venu, Managing Director and CEO of Hitachi Energy India Ltd, attributed the growth to the role of technologies and market innovations in navigating the complexities of the evolving energy landscape. He highlighted that these factors had expedited the pace of energy transition across sectors, enabling the company to sustain its growth in the quarter.
The company’s revenues increased to Rs 1,276.4 crore in the quarter under review, compared to Rs 1,041 crore in the same period a year ago. The strong order execution and mitigation of supply chain challenges played a significant role in delivering revenue and bottom-line growth.
Hitachi Energy India received orders worth Rs 1,235 crore during the quarter, slightly up from Rs 1,222.1 crore in the same period last year. The orders were contributed by data centers and renewables, while the transmission and rail segments remained flat.
The company emphasized the significance of digitalization orders from energy-intensive segments like steel, as well as industry training orders, demonstrating the urgency for rapid energy transition and electrification across all segments.
Service orders increased by over 70% YoY, driven by utilities and industries. Export orders also grew by more than 60% YoY, with transformers and high-voltage products being the main contributors, reaffirming the company’s ‘make in India for India and the world’ approach. Demand for transformers came from Europe and African markets, while power quality solutions were sought after in South and Central America, Africa, the US, and Europe.
As of December 31, 2023, Hitachi Energy India’s order backlog stood at Rs 7,552.3 crore, providing revenue visibility for the coming quarters.
