Hitachi Energy India on Monday reported a more than 92 per cent decline in its net profit to Rs 4.6 crore in the December 2022 quarter due to lower revenues.
The net profit of the company was Rs 61.7 crore in the quarter ended December 2021, a BSE filing showed.
Its total income also dipped to Rs 1,041.03 crore in the quarter from Rs 1,137.58 crore in the year-ago period.
N Venu, Managing Director and Chief Executive Officer, Hitachi Energy India, said in a statement, “In the short term, we will continue our efforts to manage the margin impact of global macro-economic forces and supply chain constraints”.
In the quarter ending December 2022, orders maintained double-digit growth, up 31.3 per cent YoY (year-on-year) to Rs 1,222.1 crore from Rs 931 crore a year ago, it added.
Exports contributed over 20 per cent of the total orders from established markets in the Middle East and Bhutan, and new inroads in South Africa, Central Asia and Europe, the statement said.
As of December 31, 2022, the order backlog stood at Rs 7,231.3 crore, it stated.
Its revenue declined 8.5 per cent year-on-year to Rs 1,041 crore for the December 2022 quarter, mainly due to supply chain constraints. PTI KKS KKS BAL BAL
