Hitachi Energy on Wednesday said its net profit dipped 1.68 per cent to Rs 50.81 crore in March quarter 2022-23.

The company reported a net profit of Rs 51.68 crore for the year-ago period, according to a BSE filing.

Total income rose to Rs 1,336.30 crore from Rs 1,142.13 crore in the same period a year ago.

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The company received an order worth Rs 1,262 crore in the fourth quarter, which was higher than Rs 1,043.6 crore in the year-ago period.

As of March 31, 2023, the order backlog stood at Rs 7,071 crore, providing revenue visibility for the coming quarters, it stated.

“Our success is a result of our focused strategy, diversified portfolio, and relentless pursuit for improving the bottomline,” N Venu, Managing Director and Chief Executive Officer of Hitachi Energy India, said in a statement.

He stated that the price of certain commodities specific to this industry remain high and chips & electronics shortage persists.

“We have resiliently navigated these challenges and remain optimistic about leveraging opportunities arising from the fast evolving energy transition along with customers and stakeholders,” he added.

For the year ended March 31, 2023, the company’s board has recommended a final dividend of Rs 3.40 per share of face value Rs 2 each.

Further, the company said Nishi Vasudeva has resigned as non-executive Independent Director with effect from May 24, 2023.

Meena Ganesh was appointed as an additional director in the capacity of non-executive independent director for five years with effect from May 24, 2023.

She is the chairperson and co-founder at Portea Medical, and serves on the board of Pfizer India, P&G Health & Hygiene Ltd and Axis Bank, it stated.

Hitachi Energy serves customers in the utility, industry and infrastructure sectors with innovative solutions and services across the value chain.