Hitachi Energy India Q2 Profit Surges 111% to Rs 52 cr

New Delhi, Oct 29 (PTI) Hitachi Energy India on Tuesday posted over 111 per cent jump in net profit to Rs 52.3 crore in the September quarter, mainly due to higher revenues.

The company had reported a net profit of Rs 24.7 crore in the quarter ended on September 30, 2023, according to a company statement.

According to the statement, the revenue for the July-September 2024 quarter was Rs 1,553.8 crore, 26.5 per cent higher than Rs 1,228.2 crore a year ago on the back of a favourable mix and good order execution during the quarter.

In the quarter ended September 30, 2024, the orders totalled Rs 1,952 crore, up 11.7 pe cent year-on-year from Rs 1,747.1 crore in July-September 2023.

Renewables led the charge -- from studies across utilities, power quality and substation projects.

Expansion, upgrades and improved efficiency also resulted in orders from existing power plants, it stated.

The service portfolio witnessed substantial year-on-year growth of 65 per cent. Orders included comprehensive overhauling of the generator circuit breaker for one of the largest dam projects in the country, and extension opportunities from utility and industry, according to the company statement.

Exports accounted for 22 per cent of total orders booked in the September quarter with a significant share from high-voltage products and grid integration orders from European and African markets.

As of September 30, 2024, the order backlog stood at a record high of Rs 8,910 crore, providing revenue visibility for the coming several quarters, the company said.

Hitachi Energy India MD & CEO N Venu said in the statement, "This surge has created favourable conditions for our overall business, leading to increased order intake, revenue, and profitability. Our focused approach toward strong execution of orders with better margins and operational efficiency contributed to favourable performance in Q2FY25.