Hitachi ABB Power Grids India: New orders inflow shows resilience to COVID-19
- August 13, 2020
Though the COVID-19 lockdown weighed heavily on the business of Hitachi Power Grids India, the company could still manage to rake in significant new orders.
New order inflow in the April-June quarter of 2020 stood at Rs.567 crore that were 60 per cent of those received in the immediately preceding quarter (January-March 2020). Transport and infrastructure accounted for most of the orders, followed by utilities. Among the company’s major orders in the latest quarter was an order for transformers from Chittaranjan Locomotive Works, an outfit of the Indian Railways.
Amidst tough market conditions, replete with trade uncertainties, the company booked orders from the subcontinent, South East Asia and Africa, especially for its high-voltage equipment and transformers, the company said in a release.
| New Order Inflow | |
| Rs.crore | |
| Apr-Jun 2019 | 862.3 |
| Jan-Mar 2020 | 934.2 |
| Apr-Jun 2020 | 567.3 |
| Jan-Jun 2020 | 1,501.5 |
As of June 30, 2020, the company’s outstanding order book position was Rs.5,133.9 crore, indicating future revenue inflow for when normalcy returns, the release said.
Hitachi ABB Power Grids Ltd was formed on July 1, 2020, with the coming together of Hitachi Ltd (80.1 per cent equity stake) and ABB Ltd (19.9 per cent). In India, Hitachi ABB Power Grids is incorporated under the legal entity “ABB Power Products & Systems India Ltd.”
“In these unprecedented times we have maintained business continuity while keeping our employees safe. It says much that despite the COVID-19 pandemic, and the lockdowns triggered in its aftermath, we won major orders and strengthened customer relations thanks to our dedicated employees,” said N. Venu, Managing Director, Hitachi ABB Power Grids India. “Once market normalizes, we are hopeful of opportunities that allow us to build back better and lend greater speed to India’s economic growth and energy transition,” he added.
The company’s service portfolio continued to deliver with multiple cybersecurity assessment and lifecycle service orders for grid automation and high-voltage breakers and several digital upgrade, retrofitting and remote servicing contracts from traditional and new customers, the release observed.
It may be recalled that the company recently signed a memorandum of understanding with the National Institute of Technology, Warangal, for cooperation to drive smart electric grid technology education, skills development and research activities, as well as made further headway into the e-mobility segment with the global launch of its Grid-eMotion fleet charging solution.
Featured photograph shows an oil-free traction transformer by Hitachi ABB Power Grids.
