Hitachi Energy India Q2 Profit Surges 111%

30 Oct 2024 , 08:37 AM

Hitachi Energy India reported a 111% increase in net profit for the September quarter, reaching ₹52.3 Crore, compared to ₹24.7 Crore in the same period last year, driven by higher revenues.

The company’s revenue rose 26.5% year-on-year, totaling ₹1,553.8 Crore, attributed to a favorable product mix and effective order execution. Total orders for Q2 FY25 stood at ₹1,952 Crore, marking an 11.7% increase from ₹1,747.1 Crore in the same quarter the previous year.

The renewables sector contributed significantly to growth, with substantial orders from utilities, power quality, and substation projects.

Additional orders stemmed from plant expansions, efficiency upgrades, and existing power plant improvements, resulting in a 65% year-on-year growth in the service portfolio.

Key orders included overhauling a generator circuit breaker for one of India’s largest dam projects, as well as new opportunities from both utility and industrial sectors.

Exports accounted for 22% of orders, with major contributions from high-voltage and grid integration products for European and African markets. The order backlog as of September 30, 2024, reached a record ₹8,910 Crore, securing future revenue for multiple quarters.

Hitachi Energy India MD & CEO N Venu credited the strong order execution, better margins, and operational efficiency for the favorable performance in Q2 FY25.