Hitachi Energy India Ltd has reported a significant year-on-year increase in export orders during the third quarter (Q3: October to December) of FY24.
In a release, Hitachi Energy India said that export orders during Q3 of FY24 were more than 60 per cent higher than in the same quarter of FY23. This growth was driven by transformers and high-voltage products. Orders for transformers came from Europe and African markets, while demand for power quality solutions were from South and Central America, Africa, US and Europe, the release said.
Datacenters and renewables significantly contributed to orders, while transmission and rail segments remained flat. Notable digitalization orders from energy intensive segments like steel, along with industry training orders demonstrated the urgency for rapid energy transition and electrification percolating across all segments.
Service orders were up over 70 per cent, year-on-year, in Q3 of FY24, led by utilities and industries, the release observed.
As of December 31, 2023, the company’s outstanding order book position was Rs.7,552.3 crore, providing revenue visibility for the coming quarters.
Strong order execution
“Technologies and market innovations are playing a pivotal role in navigating the complexities of the evolving energy landscape. These have further expedited the pace of energy transition across sectors, helping us sustain our growth this quarter,” according to N. Venu, Managing Director & CEO, Hitachi Energy India Ltd. “Strong order execution and mitigation of some supply chain challenges have helped deliver revenue and bottom-line growth. We stay focused on growth opportunities and improving our overall operational efficiencies,” he added.
Outlook
In the current financial year, the market has already witnessed 18 power transmission projects, which provide promising opportunities. Furthermore, high-growth segments like rail, metro and other infrastructure projects are additional growth drivers, the release added.
Also read: Hitachi Energy India Records Highest-Ever Order Backlog
Featured photograph (source: Hitachi Energy India) is for representation only.
