Hitachi Energy India Q1 Profit More Than Doubles, Beating Estimates
Key Takeaways
- •Hitachi Energy India's June quarter profit more than doubled, exceeding analyst estimates on strong revenue growth.
- •The company reported a record order backlog surpassing ₹32,200 crore, indicating sustained demand for its power infrastructure products and services.
- •Hitachi Energy India became part of Hitachi Energy following Hitachi Ltd.'s 2020 acquisition of ABB's power grids business.
- •India's target of installing 500 GW of renewable energy capacity by 2030 is expected to require substantial transmission network upgrades, serving as a key demand driver for the company.
- •India ranks among the world's fastest-growing major electricity markets, with power demand reaching record levels in recent years.
Hitachi Energy India Q1 Profit More Than Doubles, Beating Estimates
Hitachi Energy India Limited reported better-than-expected earnings for the June quarter, with profit more than doubling driven by strong revenue growth.
The company, a leading player in India's power transmission and energy infrastructure sector, also announced a record order backlog exceeding ₹32,200 crore, signaling robust demand for its products and services.
Hitachi Energy India, formerly known as ABB Power Products and Systems India, is listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The company is part of Hitachi Energy, a global technology leader headquartered in Switzerland that advances a sustainable energy future for all. Hitachi Ltd. completed its acquisition of ABB's power grids business in 2020, forming Hitachi Energy.
The June quarter corresponds to the first quarter of India's fiscal year. Strong order books in the power infrastructure segment have been supported by India's ongoing investments in grid modernization, renewable energy integration, and electrification initiatives. India has set a target of installing 500 GW of renewable energy capacity by 2030, which is expected to require substantial upgrades and expansion of the country's transmission network—a key demand driver for companies like Hitachi Energy India. Additionally, India ranks among the world's fastest-growing major electricity markets, with power demand reaching record highs in recent years.
Source: CNBC-TV18
