Hitachi Energy India Ltd has reported order inflow of over Rs.1,100 crore in the first quarter (Q1: April to June) of FY24.
In an investor presentation filed on stock exchanges, Hitachi Energy India said that new order inflows in Q1 of FY24 stood at Rs.1,147.50 crore as against Rs.3,054.60 crore in Q1 of FY23.
However, excluding a large HVDC order won in Q1 of FY23, the year-on-year growth in order inflow of Q1 of FY24 worked out to around 6 per cent.
As of June 30, 2023, the company’s order backlog stood at Rs.7024 crore, providing revenue visibility of over 20 months, the presentation noted.
Major orders received by Hitachi Energy India during Q1 of FY24 included 200 traction transformers by Banaras Locomotive Works (BLW) and Chittaranjan Locomotive Works (CLW) – both being production units of Indian Railways.
Important orders for GIS (gas insulated switchgear), dry-type transformers and power transformers were also booked during the period.
Traditional power and renewable integration continued to drive orders for air-insulated substations, the presentation observed.
Hitachi Energy India during the quarter under review received an order for FEED (front end engineering design) study for 2×2,500 MW symmetrical monopoles associated with the proposed Leh-Kaithal HVDC line. It is understood that this FEED study is being done for Power Grid Corporation of India Ltd.
In Q1 of FY24, exports accounted for over 30 per cent of the total order inflow. Orders for 400kV GIS were received for Singapore and Greece. Apart from a 245kV AIS switchgear order in Tanzania, an order for transformers for a wind farm in Morocco was also received during the period.
One of the key achievements for Hitachi Energy India during Q1 of FY24 was the commissioning of a 132/11kV GIS substation for an automobile major in Rohtak, Haryana.
Also read: Hitachi Energy India Records 31 Per Cent Growth In Order Inflow
Products dominate
Of the total order inflow in Q1 of FY24, products accounted for as much as 79 per cent, as against 40 per cent in Q1 of FY23. Correspondingly, the share of projects dropped sharply to 13 per cent in the latest quarter from 58 per cent in Q1 of FY23. Services had a share of 8 per cent in Q1 of FY24 as against 2 per cent in the same quarter of FY23.
Featured photograph (source: Hitachi Energy India) is for representation only.