Hitachi Energy India reported order inflow of Rs.1,043.60 crore in the January-March 2022 quarter, representing a 22.9 per cent increase, year on year.
The orders were driven across the utilities and industrial sector, Hitachi Energy India said in a release. The company won major orders from public and private companies to strengthen state grids, integrate renewables and support digitalization.
Industries, especially, steel and oil & gas, contributed towards orders for traditional power quality solutions, as well as evolving opportunities like digital substation enhancements. The continuing electrification of India’s railways generated demand for trackside power equipment.
In services, industries such as steel drove orders, from expanding their power infrastructure to lifecycle services – remote and on-site. The consultancy part of the business supported renewable and BESS studies from India and around the world, as well as technical customer training activities,
From North America to Malaysia, increasing global demand for power quality technologies and grid integration projects helped boost the order book with exports contributing to over 24 per cent of orders in the January-March 2022 quarter, the company said.
As of March 31, 2022, the order backlog stood at Rs.4,672.30 crore, which is expected to result in sustained revenue in the coming months, Hitachi Energy India said.
Also read: Hitachi Energy Wins Order To Modernize Madhya Pradesh Power Grid
Solid demand from transcos
“The continued shift from fossil fuels to electrification by India’s industrial sector towards a carbon-neutral future is encouraging and we also experienced solid demand from transmission utilities and industries,” said N. Venu, Managing Director & Chief Executive Officer, Hitachi Energy India Ltd.
“The government’s climate conscious budget supports the focus on technologies that will help to accelerate the energy transition. While supply chain constraints and commodities pose short-term challenges, our long-term growth prospects remain intact,” he added.
