Hitachi Energy India on Tuesday posted a 123.7 per cent growth in net profit to Rs 113.7 crore in the March quarter mainly on the back of higher revenues.

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The company had posted a net profit of Rs 50.8 crore in the same quarter a year ago, Hitachi Energy said in a statement. The company delivered strong revenues of Rs 1,699.2 crore, up 27.2 per cent year-on-year from Rs 1,336.3 crore in the year-ago period.

This (revenue growth) was a result of solid order execution, reflecting a diverse revenue mix and focus on continuous improvement in operations, it said.

The board of directors has recommended a final dividend of Rs 4 per share of face value of Rs 2 each, subject to the approval of shareholders at the ensuing Annual General Meeting (AGM).

In the March quarter, the orders totalled Rs 1,406.7 crore, up 11.5 per cent from Rs 1,262 crore a year ago. "A strong revenue performance, helped by a favourable external environment helped to deliver double digit margins," Hitachi Energy India MD & CEO N Venu said in the statement.

He further stated that sustained economic growth, and ongoing investments in the energy transition, especially renewables, transmission infrastructure, data centres, and electrification of transport are encouraging trends from a market perspective and "we are well-positioned to leverage these as we continue to grow the business".

The net profit in the 2023-24 fiscal also increased to Rs 163.8 crore from Rs 93.9 crore.