The shares of the leading green energy company gained 8% reaching an intraday high of ₹11,722.65 per share on Wednesday after the company registered a strong net profit growth of 124% year on year.
At 11:35 a.m., Hitachi Energy India Ltd shares were trading at ₹10,700 per share, down 1.32 % on the National Stock Exchange from the previous close price. The company has a market capitalization of ₹45,958 crore.
Hitachi Energy India Ltd. reported robust financial performance, with a consolidated net profit of ₹113.66 crores in Q4FY24, reflecting a notable 124% increase from the previous year’s corresponding quarter. This growth was supported by a surge in total revenue for the same quarter, which reached ₹1,660 crores, marking an 28% rise compared to the previous year.
For the fiscal year 2023-24, the company’s net profit stood at ₹163.78 crore, showing a substantial 74% increase from the preceding fiscal year of ₹93.90 crore. Similarly, the total revenue from operations for the fiscal year witnessed an 18% growth, totaling ₹5,096 crores.
Hitachi Energy India Ltd (formerly ABB Power Products and Systems India Ltd.) was established in 2019 as a Joint Venture between Hitachi and ABB’s Power Grids, serving utility and industry customers with a comprehensive suite of engineering, products, solutions, and services in Power Technology.
The company operates across multiple business lines, including grid automation, grid integration, high voltage products, and transformers, Hitachi Energy India offers a diverse range of products, systems, software, and services across the entire power value chain.
Over the last six months, the company’s shares have yielded a solid return of 126%, followed by an impressive 170% over the course of the past twelve months. On May 16, 2024, the company’s shares reached a 52-week high of ₹12,367.90 per share.
In the quarter ended March 31, 2024, the company’s orders totaled ₹1,406.7 crore, reflecting an increase of 13.9% QoQ and 11.5% YoY. Industries spearheaded this growth through electrification and digitalization of energy networks across various sectors, from steel to silicon. Additionally, orders for hydro, wind, and solar plant operations and integration sustained the momentum in renewables.
Exports of transformers, power quality technologies, and other key products to markets in the Middle East, Southeast Asia, and neighbouring South Asian countries accounted for around 25% of Hitachi’s total order book.
Profit before tax rose to ₹152.2 crore, up 133.8% YoY, As of March 31, 2024, the order backlog stood at ₹7,229.5 crore, providing revenue visibility for the coming quarters.
In addition, Hitachi Energy India Ltd. is actively engaged in the semiconductor business, with a particular focus on advancing its semiconductor technology to enhance competitiveness and capacity.
Written by Omkar Chitnis
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