Hitachi Energy India posted a multi-fold jump in its net profit at Rs 23 crore for the quarter ended December 31, 2023 on higher revenues.
"Profit after tax (net profit) was at Rs 23 crore (in October-December 2023), clocking a recovery of 400 per cent year-on-year on a low base," a company statement said.
In the October-December period of 2022, Hitachi Energy India had reported a net profit of Rs 4.6 crore.
"Technologies and market innovations are playing a pivotal role in navigating the complexities of the evolving energy landscape. These have further expedited the pace of energy transition across sectors, helping us sustain our growth this quarter," said N Venu, Managing Director and CEO, Hitachi Energy India Ltd in the statement.
The company's revenues increased to Rs 1,276.4 crore in the quarter under review, from Rs 1,041 crore in the same period a year ago.
"Strong order execution and mitigation of some supply chain challenges have helped deliver revenue and bottom-line growth. We stay focused on growth opportunities and improving our overall operational efficiencies," he added.
The company received orders worth Rs 1,235 crore in the quarter under review, slightly up from Rs 1,222.1 crore in the same period a year ago.
The company said data centers and renewables significantly contributed to orders, while transmission and rail segments remained flat.
Notable digitalization orders from energy intensive segments like steel, along with industry training orders demonstrated the urgency for rapid energy transition and electrification percolating across all segments.
Service orders were up over 70 per cent year-on-year led by utilities and industries, it stated.
Export orders were up more than 60 per cent year-on-year during the quarter, driven by transformers and high-voltage products – reaffirming our 'make in India for India and the world' approach, it stated.
Orders for transformers came from Europe and African markets, while demand for power quality solutions were from South and Central America, Africa, the US and Europe.
As of December 31, 2023, the order backlog stood at Rs 7,552.3 crore, providing revenue visibility for the coming quarters.