Hitachi Energy India (listed on Indian stock exchanges as ABB Power Products & Systems India Ltd) has reported a 10 per cent year-on-year growth in order inflows during the quarter ending September 30, 2021.
In the said quarter, Hitachi Energy India booked orders worth Rs.979 crore that was 10 per cent higher than the Rs.890.20 crore worth of order inflow in the same quarter of 2020.
Order inflows in the quarter ending September 30, 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.
Commenting on the company’s overall performance, N. Venu, MD & CEO, Hitachi Energy India said, ““There appears to be a gradual recovery in demand, driven by high-growth segments from rail to renewables. We secured meaningful order wins in the September quarter and made solid headway toward our sustainability goals. Yet supply chain constraints, especially from port delays and equipment shortages, weighed on revenue growth. While green shoots of economic revival are starting to become more visible, we remain watchful of potential risks from Covid-19 and other avenues.”
Exports contributed more than 18 per cent 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.
In the first three quarters of 2021 (January 1 to September 30), the cumulative order inflows stood at Rs.2,573.50 crore as against Rs.2,391.70 crore in the first nine months of 2020.
As of September 30, 2021, the company’s order backlog stood at Rs.4,896.50 crore. This will unlock revenue streams in the coming months, Hitachi Energy India said.
Also read: Hitachi ABB Power Grids And IIT Roorkee To Pilot Smart And Sustainable Energy Ecosystem
Please note:
- ABB Power Products & Systems India Ltd used to be referred to as Hitachi ABB Power Grids in India. Its parent company “Hitachi Power Grids” is known as “Hitachi Energy,” effective October 2021. While the Indian arm of Hitachi Energy continues to be listed on Indian stock exchanges as ABB Power Products & Systems India Ltd,” the company is now being referred to as “Hitachi Energy India”. Globally, Hitachi Energy, a joint venture between Hitachi Ltd (equity stake: 80.1 per cent) and ABB Ltd (equity stake: 19.9 per cent), came into being on July 1, 2020.)
- The accounting year of Hitachi Energy India runs from January 1 to December 31. The quarter ending September 30, 2021, therefore, represents the third quarter of the accounting year ending December 31, 2021, and has been referred to as “Q3 of 2021” in this story.
