Hitachi Energy India (POWERINDIA) Q2 24/25 earnings summary

Executive summary

• Achieved record order backlog of INR 8,910 crore and strong order inflow, driven by robust demand in renewables, data centers, transmission, and industrial electrification.

• Orders grew 11.7% YoY to INR 1,952 crore and revenue rose 26.5% YoY to INR 1,553.8 crore in Q2FY25.

• PAT doubled YoY to INR 52.3 crore, and operational EBITDA margin improved to 8.1%.

• Focused on operational efficiency, safety, sustainability, and employee well-being, with significant progress in CO2 and waste reduction.

• Celebrated 75 years in India with stakeholder engagement and technology showcases, reinforcing leadership in energy transition.

Financial highlights

• Q2FY25 orders: INR 1,952 crore (up 11.7% YoY); revenue: INR 1,553.8 crore (up 26.5% YoY); PAT: INR 52.3 crore (up 111.4% YoY); PBT: INR 70.6 crore (up 118% YoY); operational EBITDA: INR 126.3 crore (margin 8.1%).

• H1FY25 revenue: INR 2,881.2 crore (up 26.9% YoY); H1FY25 PAT: INR 62.7 crore (up 163% YoY); H1FY25 PBT: INR 85.7 crore (up 140% YoY).

• Order backlog at quarter-end was INR 8,910 crore, providing multi-quarter revenue visibility.

• Operational expenses at 20.9% of revenue, down from 23.6% sequentially; material cost as % of revenue improved to 61.7%.

• Basic and diluted EPS for Q2FY25: INR 6.41 (vs INR 2.46 YoY).

Outlook and guidance

• No change to double-digit margin guidance for the year; focus remains on operational efficiency and leveraging order backlog for revenue and margin growth.

• Anticipates at least one major HVDC equipment order to be finalized within the financial year.

• Continued investment in capacity, digitalization, and workforce upskilling to capture energy transition opportunities.

• India’s plan to increase power transmission capacity by 35% by 2032 is expected to drive significant investment in renewables, HVDC, data centers, and electric transportation.

• Prioritizing leadership in core segments and expansion into service, export, and digital markets.