Hitachi Energy India (POWERINDIA) Q1 24/25 earnings summary

Executive summary

• Achieved record order intake and highest-ever order backlog of INR 8,539.4 crore in Q1 FY25, driven by strong demand in renewables, transmission, and digital solutions.

• Orders surged 112.3% year-on-year to INR 2,436.7 crore, with revenue up 27.3% year-on-year to INR 1,327.3 crore, despite a sequential revenue decline.

• Profit before tax rose to INR 15.1 crore and profit after tax to INR 10.4 crore, both nearly tripling year-on-year.

• Operational EBITDA grew 95% year-on-year to INR 61.5 crore, with an Op. EBITDA margin of 4.6%.

• Exports rose significantly, contributing 27% to the order book (excluding large one-time projects), with major wins in Australia, Europe, Middle East, and South Asia.

Financial highlights

• Orders booked at INR 2,436.7 crore (+112.3% YoY, +73% QoQ); revenue at INR 1,327.3 crore (+27.3% YoY, -21.9% QoQ).

• Profit before tax at INR 15.1 crore (+344.1% YoY, -90.1% QoQ); profit after tax at INR 10.4 crore (+333.3% YoY, -90.8% QoQ).

• Operational EBITDA at INR 61.5 crore (4.6% margin), up from INR 31.5 crore (3% margin) in Q1FY24.

• Material cost at 62.8% of revenue; other expenses at 23.6%; personnel expenses at 9.2%.

• Earnings per share (basic and diluted): INR 2.46, up from INR 0.57 in Q1FY24.

Outlook and guidance

• Targeting sustained double-digit EBITDA margins by end of FY25, with continued focus on cost management and execution.

• No full-year revenue or margin guidance provided, but management expects margin normalization as revenue mix and scale improve.

• Record order backlog provides revenue visibility for several quarters ahead.

• Continued investment in talent, safety, and capacity to support future growth.

• Strong medium- to long-term opportunities expected in renewables, HVDC, data centers, and electrification of transport.