Hitachi India's net up 9.3 percent in Q1

The Indian subsidiary of Japan's Hitachi Appliances Friday reported Rs.47 crore net profit for first quarter of 2015-16, registering 9.3 percent growth year-on-year from Rs.43 crore in the same period last year.

In a regulatory filing to the Bombay Stock Exchange (BSE), the city-based Hitachi Home & Life Solutions (India) Ltd said total income from operations, including other income grew 18 percent YoY to Rs.709 crore in Q1 under review from Rs.600 crore in same period year ago.

"Net sales from operations increased 18 percent YoY to Rs.704 crore in first quarter from Rs.596 crore year ago and by 43.6 percent sequentially from Rs.490 crore posted in previous quarter of last fiscal," the company said in the statement.

Sequentially, net profit shot up a whopping 96 percent from Rs.24 crore posted in previous quarter of last fiscal.

The company manufactures a range of home appliances and consumer and industrial products, including washing machines, room and commercial air-conditions, chillers and refrigerators at its Kadi plan in the western state of Gujarat.