Hitachi Energy India Limited 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 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 was a result of solid order execution reflecting a diverse revenue mix and focus on continuous improvement in operations. The company EBITDA stood at Rs 182 crore, up 91.4 per cent on-year.
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. While continually monitoring the situation, the company has also deployed strategic initiatives to mitigate the impact of supply chain turbulence to the extent possible.
The company board also recommended a final dividend of Rs 4.00 per equity share (i.e. 200 per cent) of face value of Rs 2 each.
Hitachi Energy’s order book
Hitachi Energy recorded orders and revenue growth in double digits, with orders worth Rs 1406.7 crore during the fourth quarter of FY24 in comparison to Rs 1262 crore worth of order recorded during the corresponding quarter of previous year. The company said that the exports and services contribution to orders stayed stable. Industries led the charge with electrification and digitalization of energy networks, across sectors from steel to silicon. Contribution from transmission projects followed, with orders from EPCs. Orders for hydro, wind and solar plant operations and integration continued the renewables momentum.
Service and export orders, the company said, were up 43 per cent YoY each, maintaining their strong contribution to the overall order book. Service orders included replacement equipment, Annual Maintenance Contracts (AMCs) and upgrades, as well as innovative solutions like RelCare and RelScan for remote condition monitoring and maintenance. Exports of transformers, power quality technologies and other key products to markets like Middle East, Southeast Asia and neighboring countries in South Asia accounted for around 25 per cent of the order book.
For the full year, orders were up around 14 per cent on-year over the corresponding period at Rs 5536.3 crore. As of March 31, 2024, the order backlog stood at Rs 7229.5 crore, providing revenue visibility for the coming quarters.