Hitachi Energy India June quarter net profit jumps 79.85% to Rs 2.41 crore

Hitachi Energy India Ltd (HEIL) on Tuesday posted a 79.85 per cent jump in net profit at Rs 2.41 crore in the April-June quarter of 2023-24, on account of higher income.

It had posted a net profit of Rs 1.34 crore in the corresponding period of 2022-23, the company said in a regulatory filing.

The total income also increased to Rs 1,043 crore from Rs 991.32 crore in the year-ago quarter.

Expenses soared to Rs 1,039.62 crore in the first quarter of FY24, as against Rs 989.21 crore a year ago.

In a separate statement, company's MD and CEO N. Venu said: "We remain focused on balancing our operational complexity and efficiencies to preserve the growth momentum.

"While persistent delays in chips and electronics led to lower revenue in the quarter, sustained operational excellence efforts provide visibility in the near-term." 

In the quarter ending June 30, 2023, the company received orders worth Rs 1,147.5 crore, up 6 per cent year-on-year (y-o-y).

Headquartered in Switzerland, Hitachi Energy is a global technology leader that is advancing a sustainable energy future for all.

In India, Hitachi Energy operates under the legal entity name Hitachi Energy India Limited (formerly known as ABB Power Products and Systems India Limited)