Hitachi Energy surges 5% on bagging new work order worth Rs 790 cr

Hitachi Energy’s shares zoomed up to 5.3 per cent at Rs 12,220 per share on the BSE in Tuesday’s intraday trade. This came after the company on Tuesday said that it has received a work order valued at Rs 790 crore from Hitachi Energy Australia, a fellow subsidiary of the company for supply of certain equipment in Australia. 

The supply will be used for execution of the project, 'Burnie Converter Station and Latrobe Valley Converter Station'. 

“Marinus Link selected Hitachi Energy to supply a HVDC project in Australia. Hitachi Energy will supply its HVDC Light VSC stations for the project. Delivery of certain equipment will be executed from the company’s factory in India,” the company said in an exchange filing on Tuesday. 

Marinus Link is a project of national significance for Australia. It will play a fundamental role in Australia’s energy ecosystem, the company said. 

Hitachi Energy reported a significant 123.82 per cent year-on-year (Y-o-Y) increase in net profit, reaching Rs 113.7 crore for the fourth quarter ending March 31, 2024. In the same quarter of the previous year, Hitachi Energy India had reported a net profit of Rs 50.8 crore. 

The company's revenue from operations also showed a robust growth of 27.1 per cent, amounting to Rs 1,695.3 crore compared to Rs 1,334 crore in the corresponding period of the previous fiscal year.

At 11:55 PM; the share of the company was 3.39 per cent higher at Rs 11,995 per share on the BSE. By comparison, the BSE Sensex was trading 0.31 per cent higher at 77,582 levels. 

The shares of Hitachi Energy are presently trading at a price to earnings multiple of 300.21 times with an earning per share of Rs 38.64.

Hitachi Energy provides products, systems, and services across the power grid value chain, focusing on enhancing the reliability, efficiency, and sustainability of electrical networks. Its offerings include grid automation, high-voltage products, transformers, grid integration, digital solutions, and consulting services.