Latest News | Hitachi Energy India Sept-quarter Net Up 8 Pc at Rs 37 Cr

New Delhi, Nov 4 (PTI) Hitachi Energy India on Friday posted an over 8 per cent rise in its net profit to Rs 37.2 crore for the September quarter, mainly due to higher revenues.

The net profit of the company stood at Rs 34.3 crore in the quarter ended September 30, 2021, it said in a BSE filing.

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Total income rose to Rs 1,115 crore in the quarter from Rs 850.60 crore in the same period a year ago.

Revenue 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.

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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, it received orders worth Rs 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 Rs 7,009 crore, providing revenue visibility for the coming quarters, 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)