Hitachi Energy India sees 10 % increase in order inflows
India: Hitachi Energy India has reported a 10 % year-on-year growth in order inflows during the quarter ending 30 September 2021.
Image source: T&D India
India: Hitachi Energy India has reported a 10 % year-on-year growth in order inflows during the quarter ending 30 September 2021.
In the said quarter, Hitachi Energy India booked orders worth $130 M (Rs. 979 crore) that was 10 % higher than the $118.5 M (Rs. 890.20 crore) worth of order inflow in the same quarter of 2020.
Order inflows in the quarter ending 30 September 2021 (Q3 of 2021) were driven by the transport sector and industry, a release by Hitachi Energy India said.
“A considerable chunk also pertained to orders in the renewable energy sphere, with solar and hydro projects generating significant demand for our high voltage and grid integration products. Transformers drew strong interest from rail and metro companies, alongside top utilities to cater to rising power demand,” the release said.
The service portfolio of Hitachi Energy India continued to deliver as the company booked its first RelCare remote asset management order for a 750 MW solar photovoltaic plant in Rajasthan, and grid automation and cybersecurity orders for power stations, metals and petrochemical companies. The consultancy business attracted companies in power, aviation, textile, manufacturing and specialty intermediates for system studies,“ said Commenting on the company’s overall performance, Venu Nuguri, MD & CEO, Hitachi Energy India.
Exports contributed more than 18 % to the order inflows in Q3 of 2021. Hitachi Energy India received breakthrough high voltage orders from key utilities in Latin America and eastern Africa as well as an order for our power system studies from an FMCG company in South Asia, the company said.
As of 30 September 2021, the company’s order backlog stood at $652 M (Rs. 4,896.50 crore). This will unlock revenue streams in the coming months
Source: T&D India