Hitachi Energy India June quarter net profit jumps 80% on higher income

Hitachi Energy India Ltd (HEIL) on Tuesday posted a 79.85% jump in net profit at ₹2.41 crore in the April-June quarter of 2023-24, on account of higher income. It had posted a net profit of ₹ 1.34 crore in the corresponding period of 2022-23, the company said in a regulatory filing.

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

Expenses soared to ₹ 1,039.62 crore in the first quarter of FY24, as against ₹ 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 ₹ 1,147.5 crore, up 6 %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).