Hitachi Energy India on Wednesday recorded a profit of Rs 10.42 crore for the first quarter of FY25, posting a jump of 332.4 per cent in comparison to Rs 2.41 crore reported during the corresponding quarter of FY24. It posted revenue from operations at Rs 1327.24 crore, up 27.6 per cent as against Rs 1040.06 crore during the same period of previous fiscal year. The revenue declined sequentially, following a cyclical pattern and impacted by a revenue mix with a traditional product bias. Relentless operational efforts ensured continued positive cash impact in the current quarter, the company said. EBITDA stood at Rs 47.7 crore, up 41.5 per cent on-year.
N Venu, MD & CEO, Hitachi Energy India, said, “As the energy transition gathers pace, investments in the power sector – especially renewables continued to grow. This is reflected in our strong order intake and record order backlog which we are 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.”
Hitachi Energy’s order book
During the quarter, Hitachi Energy recorded orders worth Rs 2,436.7 crore, more than doubling YoY. In a statement, the company said, “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. We 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.
Meanwhile, exports grew by around 47 per cent YoY (excl large HVDC export order). Orders for transformers, power quality technologies and other key products were booked from markets like Europe, Middle East, Australia and neighboring countries in South Asia, Hitachi Energy said.
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.