This energy stock jumped 4.5% after it won a contract from Ayana Renewable Power for their upcoming power plant in Bikaner, Rajasthan. Ayana is one of the leading independent power producers in the country.
Share price of Hitachi Energy closed at Rs. 4485 levels and gained 4.5% in the market today to reach its intra- day high of Rs. 4547.90 apiece. The stock has returned 25.55% in the last six months and 373.95% in the last three years.
On 7 September 2023, the company won a contract from Ayana Renewable Power to provide a grid connection solution for their upcoming 300-megawatt (MW) solar photovoltaic power plant in Bikaner, Rajasthan. Hitachi sees this order as an achievement and a vital step towards an integrated renewable energy system.
As per its recent financials, the company recorded both its revenue and net profit. The company made a revenue of Rs. 1334.01 crore in Q4FY23 which reduced by 21.9% to Rs. 1040.6 crore in Q1FY24. Its net profit in Q4FY23 stood at Rs. 50.81 crore which decreased by 65.2% to Rs. 2.41 crore in Q1FY24. The company has maintained a low debt to equity ratio of 0.23.
Hitachi Energy Limited is a global company which works in power technology and energy systems.Earlier the company was known as ABB Power Products and Systems India Limited. The company serves its customers in the sectors of industry, utility and infrastructure. The renewable energy systems are being created in order to enable the digital transformation which the company required to transition towards a carbon- neutral future.
Written by Bhumika Khandelwal
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
