Hitachi Energy Reports Q3 PAT Of Rs 23 Cr; Order Backlog Reaches Rs 7,552 Cr

For the quarter ending on 31 December 2023, Hitachi Energy India reported revenue of Rs 1,276.4 crore, reflecting a 23 per cent YoY increase. The Operational EBITA nearly doubled to Rs 58.4 crore in Q3 FY24, compared to Rs 29.9 crore in Q3 FY23. The Operational EBITA margin also saw improvement, reaching 4.6 per cent in Q3 FY24, up from 2.9 per cent in Q3 FY23. Notably, the company secured orders totaling Rs 1,235 crore during this quarter.

While data centers and renewables made significant contributions to orders, the transmission and rail segments experienced a flat performance. The company received notable digitalisation orders from energy-intensive sectors like steel, highlighting the growing urgency for rapid energy transition and electrification across various segments. Service orders showed substantial growth, exceeding 70 per cent YoY, with utilities and industries leading the way.

Export orders saw a remarkable increase of over 60 per cent YoY during the quarter, driven by transformers and high-voltage products. Transformer orders originated from European and African markets, while demand for power quality solutions came from South and Central America, Africa, the US, and Europe.

As of 31 December 2023, the order backlog stood at Rs 7,552.3 crore, indicating a robust pipeline for future projects. Hitachi Energy's outlook for the current financial year remains positive, citing promising opportunities with 18 power transmission projects already witnessed in the market. High-growth segments such as rail, metro, and other infrastructure projects are expected to contribute to additional growth.

N Venu, Managing Director, and CEO of Hitachi Energy India expressed confidence in the company's trajectory, emphasising the role of technologies and market innovations in navigating the complexities of the evolving energy landscape. Strong order execution, coupled with effective supply chain management, has contributed to revenue and bottom-line growth. The company remains focused on leveraging growth opportunities and enhancing overall operational efficiencies.