Hitachi Energy India Q1 Profit Soars 4-Fold to Rs 10 Cr
Jul 24, 2024 17:42
Hitachi Energy India's net profit jumped four-fold to Rs 10.4 crore in the June quarter, driven by higher revenues and strong order intake. Read more.
New Delhi, Jul 24 (PTI) Hitachi Energy India on Wednesday posted four-fold jump in net profit to Rs 10.4 crore for June quarter FY25 mainly due to higher revenues.
The company had reported a net profit of Rs 2.4 crore for the year-ago period, it said in a BSE filing.
Revenues rose to Rs 1,327.3 crore from Rs 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 centers, electrification of transport, etc," he added.
In June quarter, orders totalled Rs 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 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 per cent YoY (excluding large high-voltage direct current export order).
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 Rs 8,539.4 crore, providing revenue visibility for the coming several quarters.
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