Hitachi Energy India announced this week results for January to March 2024, and for the financial period from April 2023 to March 2024.
In the quarter ended March 31, 2024, orders totaled INR 1,406.7 crore, up 13.9% QoQ and 11.5% YoY. 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.
As of March 31, 2024, the order backlog stood at INR 7,229.5 crore, providing revenue visibility for the coming quarters.
At INR 1,699.2 crore, the revenue was up 33.1% QoQ and 27.2% YoY. Mitigation of external supply chain challenges also supported margin and profit recovery in Q4FY24. Profit after tax was INR 113.7 crore, up 123.7% YoY.
“A strong revenue performance, helped by a favorable external environment helped to deliver double digit margins,” said N Venu, managing director and chief executive officer of Hitachi Energy India Ltd. “Sustained economic growth, and ongoing investments in the energy transition especially renewables, transmission infrastructure, data centers and electrification of transport are encouraging trends from a market perspective and we are well positioned to leverage these as we continue to grow the business.”
Full year
For the full year ending March 31, 2024, orders at INR 5,536.3 crore were up 14% (excluding HVDC) from the corresponding last twelve months. Revenue stood at INR 5246.8 crore, a 17% increase YoY. Profit after tax (net profit) was INR 163.8 crore, 74.4% up YoY.
Hitachi Energy India targets to become carbon neutral by 2030 in its own operations, which drove its transition to green electricity through Power Purchase Agreements (PPAs), in-house solar and buying International Renewable Energy Certificates (I-RECs) apart from taking measures to reduce its overall energy consumption through various energy conservation projects.
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