Hitachi Energy India Ltd has reported its highest-ever order backlog, standing at over Rs.8,000 crore, as of June 30, 2024.
In a media release, Hitachi Energy India Ltd said that its order backlog, as of June 30, 2024, was Rs.8539.4 crore, which was at its historical highest, and provided revenue visibility of the coming several quarters.
During Q1 (April to June) of FY25, the new order inflow was Rs.2436.7 crore, which was more than twice the comparable level in Q1FY24.
Commenting on the company’s performance, N. Venu, MD & CEO of Hitachi Energy India Ltd, said, “As the energy transition gathers pace, investments in the power sector — especially renewables continued to grow. This is reflected in our strong order intake and record order backlog which we are steadily converting to revenues through solid execution while keeping a close watch on costs. We are optimistic on ongoing market support, especially in our identified high growth segments — renewables, HVDC, data centers, electrification of transport, etc.”
The order inflow in Q1FY25 was led by the renewables sector — from studies across utilities and industries, to nearly 2.5GW of grid integration projects, along with several power quality projects. Expansion, upgrades and improved efficiency also resulted in orders from existing power plants.
The company also received orders from distribution utilities, for upgrade of digital solutions to provide better real time visibility and network management. Service orders included GIS upgrades, annual maintenance contracts and replacement equipment as well as overhaul of key transformer components.
Outlook
“Deployment of technologies to make the grid flexible, digital, and secure will continue to be key drivers providing attractive medium to long term opportunities for power technologies, especially in our identified high growth segments – renewables, HVDC, data centers, electrification of transport, etc,” the release said discussing the company’s outlook.
Also read: Hitachi Energy India Receives Major Order From Australian Group Entity
Featured photograph (source: Hitachi Energy India) is for representation only.
