Hitachi Energy India Q2 net profit up 8% at ₹37 cr

The total income rose by 31 per cent to ₹1,115 crore in the quarter from ₹850.60 crore in the same period a year ago.

Hitachi Energy’s revenue from operations rose 31.2 per cent year-on-year despite the impact of the semiconductor shortage.

Hitachi Energy in India continued its focus on growth opportunities, including service, while maintaining optimal liquidity and cash position, the company said. Industry remains optimistic with several project announcements demonstrating sustained belief in India’s long-term growth story, it added.

However, it stated that in the short-term, the company continued to face semiconductor shortages, commodity and freight prices increase, and foreign exchange volatility.

“The continued order growth momentum was driven by key wins in renewables, industries and transport segment. Consistent focus on execution, close customer connect and various mitigation efforts are tempering the impact of tight supply chains on earnings,” said N Venu, managing director and chief executive officer, Hitachi Energy India Ltd.

He added that measures to reduce the company’s carbon footprint are yielding results with over 40 per cent YoY reduction in emissions.

In the quarter under review, Hitachi Energy received orders worth ₹1,278.5 crore, up 31 per cent YoY.

At nearly 25 per cent of the order book, exports remained healthy, with orders from established export markets of Nepal, Bhutan, Middle East, and the Americas.

As of September 30, 2022, the order backlog stood at ₹7,009 crore, providing revenue visibility for the coming quarters, it added.