Hitachi Energy India's net profit for Oct-Dec rises 12.2% | Mint
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Business News/ Companies / Company Results/  Hitachi Energy India's net profit for Oct-Dec rises 12.2%
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Hitachi Energy India's net profit for Oct-Dec rises 12.2%

The increase in profit came in despite high commodity and freight prices, as well as other supply challenges, driven by efforts at improving efficiencies

The company said that it secured approval to change its financial year to April-March from January-December reporting period followed earlier so far.  ReutersPremium
The company said that it secured approval to change its financial year to April-March from January-December reporting period followed earlier so far.  Reuters

NEW DELHI : Hitachi Energy India on Wednesday reported a 12.2% increase in its net profit for the quarter ended December at 61.7 crore.

During the corresponding quarter of the previous financial year (FY21), the company had reported a net profit of 55 crore.

A company statement said that the increase in profit came in despite high commodity and freight prices, as well as other supply challenges, driven by efforts at improving efficiencies.

It revenue during the period under review stood at 1,137.6 crore, 9% higher on a year-on-year basis.

"Revenue rose 9% YoY reaching 1,137.6 crore, recovering to pre-pandemic levels, on rising demand for electrification across market sector as well as steady focus on high growth segments and relentless execution. The company continued to strengthen its position in the data center market and commissioned several projects for leading players," it said.

It added that supply chain disruptions emanating from port delays weighed on process timelines.

"This, coupled with increased commodity and freight costs, put pressure on margin. We had to be selective in our contracts and revisit long-term agreements with customers and suppliers," the statement said.

The company further said that it secured approval to change its financial year to April-March from January-December reporting period followed earlier so far. 

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ABOUT THE AUTHOR
Rituraj Baruah
Rituraj Baruah is a senior correspondent at Mint, reporting on housing, urban affairs, small businesses and energy. He has reported on diverse sectors over the last six years including, commodities and stocks market, insolvency and real estate. He has previous stints at Cogencis Information Services, Indo-Asian News Service (IANS) and Inc42.
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Published: 09 Feb 2022, 08:31 PM IST
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