On Wednesday, Hitachi Energy reported a 1.68 percent decline in net profit to Rs. 50.81 crore for the March 2022–2023 quarter.
According to a BSE filing, the business posted a net profit of Rs 51.68 crore for the prior twelve-month period.
In comparison to the same time last year, total revenues increased to Rs 1,336.30 crore from Rs 1,142.13 crore.
In the fourth quarter, the business got orders worth Rs 1,262 crore, up from Rs 1,043.6 crore in the same quarter last year.
The order backlog, which provided revenue visibility for the next quarters as of March 31, 2023, was Rs 7,071 crore.
N Venu, Managing Director and Chief Executive Officer of Hitachi Energy India, stated in a statement that “our success is a result of our focused strategy, diversified portfolio, and relentless pursuit for improving the bottom line.”
He said that there is still a scarcity of chips and electronics and that the cost of several commodities unique to this sector is still high.
Along with consumers and stakeholders, he said, “We have resolutely managed these hurdles and remain confident about seizing possibilities coming from the fast-evolving energy transition.
The company's board has proposed a final dividend of Rs 3.40 per share with a face value of Rs 2 for the fiscal year ending March 31, 2023.
As of May 24, 2023, Nishi Vasudeva will no longer serve as an independent non-executive director, according to the business.
Meena Ganesh was added to the board of directors as a non-executive independent director with effect from May 24, 2023, for a period of five years.
According to the report, she is the co-founder and chair of Portea Medical and is on the boards of Pfizer India, P&G Health & Hygiene Ltd, and Axis Bank.
Hitachi Energy offers cutting-edge products and services to clients in the infrastructure, business, and utility sectors.