Hitachi Energy net profit dips 1.68% to Rs 51 cr in March quarter

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Hitachi Energy said on Wednesday that its net profit fell 1.68 percent to Rs 50.81 crore in the March 2022-23 quarter.

The company has recorded a net profit of Rs. 51.68 crore over the period last year, as per a BSE report.

Total income increased to Rs.1,336.30 crore from Rs.1,142.13 crore in the same period last year.

The company received an order of Rs 1,262 crore in the fourth quarter, which was higher than the Rs 1,043.6 crore in the period last year.

As of 31st March 2023, the order backlog is Rs.7071 crore, providing revenue visibility for the upcoming quarters.

“Our success is a result of our focused strategy, diversified portfolio, and relentless drive to improve the bottom line,” said N. Venu, Managing Director and CEO of Hitachi Energy India, in a statement.

He stated that the prices of some commodities for this industry are still high and shortages of chips and electronics persist.

He added, “We have navigated these challenges with resilience and remain optimistic about capitalizing on the opportunities arising from the rapid energy transition together with customers and stakeholders.”

For the year ending 31st March 2023, the Board of Directors of the Company has recommended a final dividend of Rs 3.40 per share of par value Rs 2 each.

Further, the company said that Nishi Vasudeva has resigned as an independent, non-executive director with effect from May 24, 2023.

Meena Ganesh has been appointed as Additional Director in an independent, non-executive capacity for a period of five years from 24 May 2023.

She said she is the president and co-founder of Portea Medical, and serves on the boards of Pfizer India, P&G Health & Hygiene Ltd, and Axis Bank.

Hitachi Energy serves customers in the utilities, industrial and infrastructure sectors with innovative solutions and services across the value chain.

(Only the title and image for this report may have been reworked by the Business Standard staff; the rest of the content is generated automatically from a shared feed.)