Hitachi Energy on Tuesday announced that it has secured an order worth Rs 790 crore from Hitachi Energy Australia Pty Ltd, a fellow subsidiary of the company for the development of high voltage direct current links between Tasmania and Victoria.
“Hitachi Energy India Limited has received an order valued approximately Rs 790 crore from Hitachi Energy Australia Pty Ltd, a fellow subsidiary of the Company towards execution of Project – Marinus Link – Voltage Source Converter (VSC) High Voltage Direct Current (HVDC) links between Tasmania and Victoria for supply of certain equipment for execution of the project – Burnie Converter Station and Latrobe Valley Converter Station,” the company said in a regulatory filing.
Hitachi Energy will supply its HVDC Light VSC stations for the project. Delivery of certain equipment will be executed from the company’s factory in India, it stated. The order is scheduled to be executed over a period of four years.
Marinus Link plays a fundamental role in Australia’s energy ecosystem, and Hitachi Energy will play a crucial role in supporting it.
Earlier in May, Hitachi Energy had reported a profit of Rs 113.66 crore during the fourth quarter of FY24, up 123.7 per cent in comparison to Rs 50.81 crore during the corresponding quarter of previous year. It had posted revenue from operations at Rs 1695.28 crore, up 27.1 per cent as against Rs 1334.01 crore during the fourth quarter of FY23. This, it had stated, was a result of solid order execution reflecting a diverse revenue mix and focus on continuous improvement in operations.
For the full year ending March 31, 2024, revenue stood at Rs 5246.8 crore with a 17 per cent increase during the same period. The first two quarters of the year were impacted by supply limitations such as delays in procurement of semiconductors and other key electronic components.