Hitachi Energy India Demonstrates Robust Performance in Q3 2023

The company reported a solid YoY and QoQ revenue growth of 23 percent and 3.9 percent, respectively, reaching INR 1,276.4 crore in revenue for the quarter ending December 31, 2023.

January 25, 2024. By Abha Rustagi

Hitachi Energy in India disclosed its financial results for the October to December 2023 quarter, showcasing a resilient performance across various key metrics.

The company reported orders amounting to INR 1,235.0 crore during the quarter, maintaining a flat year-on-year trend but witnessing a decline quarter-on-quarter due to a substantial order in the previous quarter.

Hitachi Energy emphasized the significant contribution of data centers and renewables to the orders, with the transmission and rail segments remaining stable.

N Venu, Managing Director and CEO of Hitachi Energy India Ltd. emphasized the pivotal role of technologies and market innovations in navigating the complexities of the evolving energy landscape. Venu highlighted, "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."

The company reported a solid YoY and QoQ revenue growth of 23 percent and 3.9 percent, respectively, reaching INR 1,276.4 crore in revenue for the quarter ending December 31, 2023. The strong order execution coupled with eased supply chains contributed to this positive outcome.

Furthermore, Hitachi Energy showcased a significant YoY profit recovery in Q3FY24, with a profit before tax standing at INR 33.8 crore, reflecting a remarkable increase of 152 percent. The profit after tax marked a recovery of 400 percent YoY, reaching INR 23 crore.

Highlighting the company's commitment to sustainability, Hitachi Energy focused on improving waste flow management during the review period, aligning with its environmental commitments. Multiple sustainability projects across various locations were implemented as part of this ongoing initiative.

Looking ahead, the company expressed optimism regarding the growth momentum of the Indian economy and its expected impact on the country's energy usage. The company emphasized the crucial role of a strong, flexible energy ecosystem in India's journey towards becoming the third-largest economy globally.

The market has already witnessed 18 power transmission projects in the current financial year, providing promising opportunities, and high-growth segments like rail, metro, and other infrastructure projects are expected to contribute to additional growth.

As of December 31, 2023, the order backlog for Hitachi Energy stood at INR 7,552.3 crore, providing substantial revenue visibility for the upcoming quarters.

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