New Delhi, May 27 (PTI) Hitachi Energy India on Friday posted an over 31 per cent rise in net profit to Rs 51.68 crore for the March quarter, mainly on the back of higher revenues.

The company had posted a net profit of Rs 39.44 crore in the quarter ended March 31, 2021, a BSE filing showed.

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Total income in the quarter under review rose to Rs 1,142.13 crore from Rs 1,023.77 crore in the year-ago period.

The company follows the January to December fiscal year.

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The board of directors recommended a dividend of Rs 3 per share (150 per cent), subject to the approval of members at the forthcoming Annual General Meeting.

It also re-appointed N Venu as managing director and CEO of the company for a further period of five years commencing December 2, 2022.

Besides, the board reappointed the independent directors -- Akila Krishnakumar, Nishi Vasudeva and Mukesh Butani -- for a second term of five years commencing December 24, 2022. The re-appointments are subject to the approval of the shareholders.

"The continued shift from fossil fuels to electrification by India's industrial sector towards a carbon-neutral future is encouraging and we also experienced solid demand from transmission utilities and industries," said N Venu, MD and CEO, Hitachi Energy India Ltd.

"The government's climate conscious budget supports the focus on technologies that will help to accelerate the energy transition. While supply chain constraints and commodities pose short-term challenges, our long-term growth prospects remain intact," he added.

In the quarter, the company received orders worth Rs 1,043.6 crore, up 22.9 per cent year-on-year, driven across sectors -- utilities and industries.

As of March 31, 2022, the order backlog stood at Rs 4,672.3 crore, which is expected to result in sustained revenue in the coming months, it added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)