Revenue stood at Rs 1,276.4 crore for the quarter that ended 31 December 2023, up 23 YoY.

Operational EBITA almost doubled to Rs 58.4 crore in Q3 FY24 from Rs 29.9 crore in Q3 FY23. Operational EBITA margin was 4.6% in Q3 FY24 as against 2.9% in Q3 FY23.

In the quarter ending 31 December 2023, the company has received orders worth Rs 1,235 crore.

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% YoY led by utilities and industries.

Export orders were up more than 60% YoY during the quarter, 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.

As of 31 December 2023, the order backlog stood at Rs 7,552.3 crore.

In its outlook, Hitachi Energy stated that 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.

N Venu, managing director and CEO, Hitachi Energy India, said: “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.

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.”

Hitachi Energy India provides product, system, software and service solutions across the entire power value chain. The portfolio includes an extensive range of high-voltage products, transformers, grid automation products, and power quality products and systems.

The scrip fell 3.20% to currently trade at Rs 5618.30 on the BSE.