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					</table><p><a href="https://www.hitachienergy.com/in/en/about-us/hitachi-energy-india" target="_blank" rel="noopener">Hitachi Energy India</a> reported a profit after tax of ₹372 million ($4.5 million) in the second quarter (Q2) for the financial year (FY) 2023, an increase of 8.5% year-over-year (YoY). The company attributed semiconductor shortages, commodity and freight price increases, and foreign exchange volatility for subdued growth in profit despite a 31% YoY increase in revenue for the July-September quarter.</p>
<p>The company, which provides technological solutions for the energy and locomotive sector, said its revenue for the quarter came in at ₹11.15 billion (~$134.61 million) compared with ₹8.50 billion (~$103.59 million)</p>
<p>The company said that the order backlog stood at ₹70.1 billion ($854.3 million) on September 30, providing revenue visibility for the coming quarters.</p>
<p>In the quarter ending September 30, the company received orders worth ₹12.79 billion (~$154.41 million), up 31% YoY.</p>
<p>The company’s profit before tax stood at ₹502 million (~$6.06 million) in Q2 FY 2023, increasing by 6% YoY. The operational EBITDA figures stood at ₹519 million (~$6.27 million) in Q2 FY 2023, decreasing by 6.6% YoY. The numbers grew by 239% sequentially.</p>
<p>Speaking on the results, N Venu, Managing Director and CEO of Hitachi Energy India, said, “The continued order growth momentum was driven by key wins in renewables, industries, and rail. Various mitigation efforts are yielding results in tempering the impact of supply chain challenges on the bottom line. Meanwhile, measures to reduce our own carbon footprint are yielding results with over 40% YoY reduction in emissions.”</p>
<p>It aims to achieve a potential reduction of 62% in CO2 emission (including fossil-free electricity) in FY 2023.</p>
<p>The company received some notable orders, which included transformers for NTPC Renewable Energy and SCADA solutions for the Indian Railways. Hitachi Energy in India continued to provide technical expertise services like renewable energy for utilities and engineering advisory for mining companies.</p>
<p><strong>1H FY2023</strong></p>
<p><a href="https://www.hitachienergy.com/in/en/about-us/hitachi-energy-india" target="_blank" rel="noopener">Hitachi Energy India</a> reported revenue of ₹21.06 billion (~$254.24 million) in the first half (1H) of the FY 2023, an increase of 28% YoY.</p>
<p>The company attributed the increase in revenue to increased traction from customers in the focus markets such as renewables, railways, data centers, and substations for industries.</p>
<p>Hitachi Energy India posted a profit before tax of ₹524 million (~$6.33 million) in 1H FY 2023, a decrease of 24% compared to 1H FY 2022. The profit after tax stood at ₹385 million (~$4.65 million), decreasing by 24% YoY.</p>
<p>The operational earnings before interest, taxes, depreciation, and amortization (EBITDA) decreased by 34% YoY to ₹672 million (~$8.11 million) in 1H FY 2023.</p>
<p>Recently, Hitachi Energy inaugurated the greenfield power quality factory in Bangalore and initiated the manufacturing of next-generation switchgear operating mechanisms, catering to India and global markets.</p>
<p>In April this year, Hitachi Energy India <a href="https://mercomindia.com/daily-news-wrap-up-atco-groups-solar-project/" target="_blank" rel="noopener">announced</a> that it had won an order worth about ₹1.6 billion (~$21 million) from Madhya Pradesh Power Transmission Package-II Limited, a project-specific business to strengthen the transmission system in the rural areas of Madhya Pradesh. The order was booked for nine grid connections in the last quarter, strengthening a power transmission network spanning more than 1,000 kilometers of overhead lines across nine rural districts of Madhya Pradesh.</p>
<p>Earlier this year, Hitachi Energy India <a href="https://mercomindia.com/daily-news-wrap-up-india-denmark-green-hydrogen/" target="_blank" rel="noopener">announced</a> that it had won orders exceeding ₹1.6 billion (~$21.47 million) to support the electrification of the country’s rail routes. Chittaranjan Locomotive Works and Diesel Loco Modernization Works, part of Indian Railways, had placed orders for traction transformers for passenger and freight locomotives in the October-December 2021 period.</p>


Hitachi Energy India’s Q2 FY23 Profit Up 8.5% YoY


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					</table><p><strong>Here are some noteworthy cleantech announcements of the day from around the world:</strong></p>
<p><a href="https://www.hitachi.co.in/index.html" target="_blank" rel="noopener"><strong>Hitachi Energy India</strong></a><strong> has been awarded a contract by </strong><a href="https://www.ntpc.co.in/en/power-generation/renewable-energy" target="_blank" rel="noopener"><strong>NTPC Renewable Energy</strong></a><strong> to supply power transformers for their upcoming 4.75 GW renewable energy park in Gujarat</strong>. Spread over 72,600 hectares in Kutch, the solar park supports the country&#8217;s efforts toward a carbon-neutral future with its increasing green energy footprint. Hitachi Energy will provide ten 315 MVA 400/33/33 kV transformers manufactured at its transformers factory in Vadodara. This will be the largest transformer rating for solar power evacuation.</p>
<p><strong>Adani Transmission <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/a047570c-54a9-41ba-92ec-beca7783b673.pdf" target="_blank" rel="noopener">emerged</a> as the successful bidder in the BEST undertaking&#8217;s recent auction for the appointment of an advanced metering infrastructure service provider. </strong>The company&#8217;s distribution platform will implement the smart metering project on a design-build-finance-own-operate-transfer basis. As a part of the mandate, 1.08 million smart meters and related communication and cloud infrastructure will be installed over 30 months and maintained for the following 90 months. The smart meters will empower BEST consumers to monitor online consumption patterns and take prompt corrective action as deemed necessary.</p>
<p><strong>Triton Electric Vehicle India, a part of Triton Electric Vehicle, </strong><a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/0bf816d4-71a2-45b8-b5c3-23a749027b16.pdf" target="_blank" rel="noopener"><strong>issued</strong></a><strong> a letter of intent to Bharat Electronics Limited (BEL) to procure 300 kW Li-Ion battery packs </strong>for its semi-truck project in India at an estimated value of ₹80.60 billion (~$974 million). The battery packs are to be delivered by BEL to Triton in 24 months commencing from January 2023. BEL has also signed an MoU with Triton to manufacture hydrogen fuel cells with technology transfer from Triton to meet the requirements of the Indian market and mutually agreed export markets.</p>
<p><strong>NLC India </strong><a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/a3b8313a-3149-4bc3-a810-d2acee2f71ad.pdf" target="_blank" rel="noopener"><strong>entered</strong></a><strong> into a memorandum of understanding with the National Institute of Wind Energy (NIWE) for strategic collaboration in developing onshore and offshore wind power projects in India.</strong> The agreement was signed between NLC and NIWE to carry out collaborative technical services and advisories for developing onshore and offshore wind energy projects. The agreement seeks to synergize the technical expertise of NIWE and the project development capabilities of NLC India.</p>
<p><a href="https://www.jindalsteelpower.com/" target="_blank" rel="noopener"><strong>Jindal Steel and Power</strong></a><strong> signed a memorandum of understanding with </strong><a href="https://greenkogroup.com/" target="_blank" rel="noopener"><strong>Greenko Group</strong></a><strong> to facilitate 1,000 MW of carbon-free energy for its steel-making operations at Angul, Odisha.</strong> Greenko will assist Jindal Steel and Power in designing the comprehensive energy solution, including designing and developing the associated renewable capacity, identifying potential strategic investors for the renewable energy capacity, and making available energy storage capacity. The proposed 1,000 MW carbon-free energy is targeted to meet Jindal&#8217;s Angul facility&#8217;s existing and incremental power demand. As part of the proposed transaction, Greenko Group will offer energy storage capacity from its off-stream closed-loop pumped storage project under development in Madhya Pradesh and Rajasthan.</p>
<p><strong>Asia Brewery, a leading beverage, and industrial packaging company has </strong><a href="https://solar.totalenergies.asia/2022/10/17/asia-brewery-a-major-player-in-the-philippines-beverage-industry-awards-solar-rooftop-project-to-totalenergies-eneos/" target="_blank" rel="noopener"><strong>awarded</strong></a><strong> TotalEnergies ENEOS a 13.8 MW</strong><strong> solar system at one of its manufacturing facilities in the Philippines.</strong> This system will power about 24% of the facility with renewable energy. It is one of the largest single-site rooftop solar projects in the Philippines. With over 24,000 solar panels installed, the rooftop system will generate approximately 20,000 MWh of renewable energy annually, reducing the company&#8217;s carbon footprint by about 9,600 tons of CO2 emissions annually, equivalent to planting more than 129,000 trees over the contract period. Under the project, TotalEnergies ENEOS will install and operate the solar system while Asia Brewery will pay for the electricity generated for nine years without any upfront investments.</p>


Daily News Wrap-Up: Hitachi Wins Deal to Supply Transformers for NTPC’s 4.75 GW Solar Park

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