Hitachi ABB Power Grids India records 57 % order inflow growth
The order inflow of Hitachi ABB Power Grids in India recorded a 57% quarter-on-quarter growth in the 3rd quarter of 2020.
Image source: T&D India
India, Karnataka: Despite restricted business activity and mobility, the order inflow of Hitachi ABB Power Grids in India recorded a 57 % quarter-on-quarter growth in the July–September quarter of 2020.
The order inflow during the period was $120 M (Rs.890.20 crore), compared to $76 M (Rs.567.30 crore) in the immediately preceding quarter of March–June 2020.
As of September 30, 2020, order backlog was $697 M (Rs.5,175 crore), providing visibility of future revenue, the release noted.
According to Venu Nuguri, Managing Director, Hitachi ABB Power Grids in India, “As the market regains its footing, our solid order backlog will ensure continuity in the new norm. Our resilience in this unusual period has helped us to achieve higher revenue and order growth.”
During the July–September quarter of 2020, Hitachi ABB Power Grids won a large substation order from HPCL Rajasthan Refinery to power their new refinery and petrochemical project in Rajasthan. The business also booked an automation order for renewable energy monitoring from a national utility. Another notable win included a transformer order for the Virudhunagar substation (Tamil Nadu) feeding industrial and other regions.
Exports in the July-September quarter of 2020 rose 36 % quarter-on-quarter with orders coming from the Indian sub-continent, Africa and Australia. Hitachi ABB Power Grids in India booked a major order for transformers relating to a metro rail systems project in Perth and another for high-voltage capacitors for an oil refinery in Nigeria. Service orders doubled QoQ, comprising one of the biggest ever high-voltage service order wins for Hitachi ABB Power Grids in India, for the extension of a 400 kV gas-insulated substation.
Source: T&D India