Hitachi Energy India (POWERINDIA) Q3 24/25 earnings summary

Executive summary

• Achieved highest-ever quarterly order intake of INR 11,594.3 crore in Q3FY25, up 838% year-over-year, driven by a major HVDC order and robust demand across segments.

• Revenue rose 31% year-over-year to INR 1,672.4 crore, supported by strong execution and operational efficiencies.

• Profit after tax surged nearly fivefold year-over-year to INR 137.4 crore, with operational EBITDA margin reaching 10.1%.

• Order backlog reached a record INR 18,994.4 crore as of December 31, 2024, providing strong revenue visibility for upcoming quarters.

• Company became debt-free as of December 31, 2024, with a solid cash position.

Financial highlights

• Operational EBITDA for Q3FY25 was INR 168.9 crore, with a margin of 10.1%.

• Profit before tax for Q3FY25 was INR 184.1 crore, up 445% year-over-year; PBT margin at 11%.

• PAT margin for Q3FY25 was 8.2%, up from 1.8% year-over-year.

• Material costs accounted for 59.2% of revenue, personnel expenses 8.4%, and other expenses 19.3%.

• Finance costs declined due to lower average borrowings.

Outlook and guidance

• Focus remains on maintaining leadership in utilities and HVDC, while expanding into data centers, industries, and digital business.

• Double-digit margin guidance for FY 2025 is maintained.

• New Service Business Unit to be launched from April 2025 to tap into an installed base of over INR 80,000 crore.

• Export and digital contributions are expected to be key growth drivers.

• Strategic investments in clean energy, infrastructure, and digital innovation expected to drive mid- and long-term growth.