Hitachi Energy India Reports Stellar Profit Growth Driven by Renewables and Exports

Hitachi Energy India's net profit surged by over 111% in the September quarter, reaching Rs 52.3 crore. This growth was driven by higher revenues, a favorable mix, and successful order execution, with renewables and exports contributing significantly. The company's order backlog hit a record high, indicating positive future performance.

Hitachi Energy India has announced a remarkable 111% increase in its net profit for the September quarter, reaching Rs 52.3 crore, largely attributed to increased revenues and successful order execution.

The company's revenues for the July-September 2024 quarter rose to Rs 1,553.8 crore, marking a 26.5% increase compared to the previous year, driven by a favorable order mix and strong execution, according to an official statement.

Notably, renewable energy projects and high-voltage products exported to Europe and Africa played a crucial role in this growth. The company recorded an impressive order backlog of Rs 8,910 crore, ensuring strong revenue prospects for upcoming quarters, said N Venu, MD & CEO of Hitachi Energy India.

(With inputs from agencies.)