Q3 2024 Hitachi Energy India Ltd Earnings Call Transcript
Key Points
- Hitachi Energy India Ltd (BOM:543187) reported a year-on-year revenue growth of 23% for Q3 FY24, driven by solid order execution and easing supply chain constraints.
- The company achieved a significant profit recovery, with profit before tax increasing by 152% year-on-year and profit after tax rising by 400% year-on-year.
- Order backlog stood at INR 7,552 crore as of December 31, 2023, providing revenue visibility for almost 22 months.
- Export orders saw a 61% year-on-year increase, driven by demand from Europe, Africa, South and Central America, and the US.
- Service orders grew by 70% year-on-year, indicating strong performance in the utilities and industry sectors.
- Order inflow remained flat year-on-year at INR 1,235 crore for Q3 FY24, indicating a need for higher momentum in new orders.
- There was a slight decline in orders from the rail segment, reflecting variability in customer orders.
- The company faced a foreign exchange loss of INR 9.8 crore in the current quarter, impacting overall profitability.
- Operational EBITDA margin, although improving, stood at 6.3%, which is still below the company's target of achieving double-digit margins by FY25.
- The company continues to face challenges related to geopolitical issues and logistics, which could impact future performance.
Ladies and gentlemen, good day, and welcome to the Hitachi Energy India Limited Q3 FY24 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. N. Venu, MD and CEO of Hitachi Energy India Limited. Thank you and over to you.
Thank you, Darwin. And good afternoon, ladies and gentlemen, and thank you for joining our quarterly earnings call. And let me -- we have uploaded the presentation to the stock exchange. I'm sure you have seen that. And yesterday we announced our results for the third quarter of the financial year 2023, '24. And in the next 20-25 minutes, together with my colleagues, Ajay Singh, CFO; and Company Secretary Poovanna; and Manashwi Banerjee, Investor Relation.
We will take you through the quarter's numbers and therefore, the easier reference I will read out the slide numbers in case you are following via phones also. So for this quarter, using
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