Hitachi Energy's net profit falls by 92%

22 Jul 2022 , 08:44 AM

In the June quarter, Hitachi Energy India’s net profit decreased by approximately 92% year over year to Rs1.34 crore, mostly as a result of higher commodity prices and supply chain bottlenecks.

The company noted that the quarter’s margins were impacted by the growing cost of commodities and supply chain constraints.
Several methods are being used to lessen the effect, with a focus on semiconductors, in particular, it said.

The company reported receiving orders of Rs3,054.6 crore (in April—June), an increase of 309.7% year over year, primarily from utilities as the energy transformation picks up speed.

Grid infrastructure products and power quality technology kept exports growing, contributing more than 20% of the order intake.
At the conclusion of the quarter, the order backlog experienced a strong increase to Rs6,777.2 crore, the largest in three years, offering revenue visibility for the following quarters, it continued.