Any current/future new fundraising through debt or equity?

There is no mention of any current or planned fundraising through debt or equity in the provided transcript excerpts from the analyst call on pages 3 to 18. The company focuses on improving operational efficiency, margin expansion, and executing its strong order backlog. Discussions center around order pipelines, margin improvement levers, project execution timelines, and business strategies such as exports, services, and HVDC technology. No references were made to raising capital via debt or equity in these sections.

Any current/future capex/capital investment/strategic investment?

Hitachi Energy has heavily invested over the last 2-3 years in setting up new green factories, including a Chennai power system and HVDC factory, which are now filling up with orders. The company is implementing "Reiwa," a multi-year project to upgrade core ERP systems integrating business functions to enhance operational agility, quality, and productivity. Several sustainability projects are planned, including EV charging points, Battery Energy Storage Systems, and electrification of equipment like forklifts to decarbonize operations. Investment focus also includes digital infrastructure such

Future growth expectations in sales/revenue/volumes?

The company has a strong order backlog of INR 7,552 crore, providing revenue visibility for approximately 22 months. Revenue grew 23% YoY to INR 1,276.4 crore in Q3 FY24, driven by solid order execution and easing supply chain constraints. Exports contribute around 20-25% of revenue, expected to stabilize and grow, aiding margin improvement. Service revenue is currently high single digit, moving towards double digit, contributing to growth. The Mumbai HVDC project execution is on track for completion by March-June 2025, expected to contribute significantly to revenue. Growth drivers include ex

Future growth expectations in earnings/operating earnings/profits/EPS?

Hitachi Energy India aims to sequentially improve operational EBITDA margin to 10% by end of FY'25, assuming normalization of headwinds. Revenue growth driven by strong, robust order backlog with diversified portfolio across services, exports (20-25% range), and digital verticals. Export revenue currently in the 20-25% range, service revenue moving from high single digit to double digits, contributing to margin expansion. Utilization levels vary by factory, ranging from 75% up to 85-90%; newer plants are ramping up quickly. Execution of large projects like Mumbai HVDC on track to complete betw

Current/ Expected Orderbook/ Pending Orders?

Current order backlog stands at INR 7,552 crore, providing revenue visibility for approximately 22 months. Order inflow for the quarter ended December 31, 2023, was INR 1,235 crore, stable year-on-year but declined quarter-on-quarter due to exceptional previous quarter orders. HVDC orders are about INR 2,000 crore within the total order backlog. Export orders constitute roughly 25% of the order book; service orders about 9-10%. Robust pipeline expected going forward, especially in HVDC, STATCOM, 765kV projects, and related digital infrastructure projects. The company is actively pursuing renew

Hitachi EnergyQ3 FY24Electrical Equipment

Hitachi Energy Q3 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹31,290P/E: 116.1Market Cap: ₹1.4L CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 3

Margin

Category 1

Fundraise

N/A

Order

Yes

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

The company has a strong order backlog of INR 7,552 crore, providing revenue visibility for approximately 22 months.
Revenue grew 23% YoY to INR 1,276.4 crore in Q3 FY24, driven by solid order execution and easing supply chain constraints.
Exports contribute around 20-25% of revenue, expected to stabilize and grow, aiding margin improvement.
Service revenue is currently high single digit, moving towards double digit, contributing to growth.
The Mumbai HVDC project execution is on track for completion by March-June 2025, expected to contribute significantly to revenue.
Growth drivers include expanding segments like renewables (54% order growth YoY), data centers (92% order growth YoY), and utilities.
Active pursuit of projects under schemes like RDSS, with a robust pipeline in transmission including HVDC and STATCOM projects.
Utilization rates in factories currently range from 75% to upwards of 90%, with newer facilities ramping up.
Overall, sequential revenue growth and operational improvements are expected through FY25, aiming for double-digit EBITDA margins.

Margin guidance

Category 1

Hitachi Energy India aims to sequentially improve operational EBITDA margin to 10% by end of FY'25, assuming normalization of headwinds.
Revenue growth driven by strong, robust order backlog with diversified portfolio across services, exports (20-25% range), and digital verticals.
Export revenue currently in the 20-25% range, service revenue moving from high single digit to double digits, contributing to margin expansion.
Utilization levels vary by factory, ranging from 75% up to 85-90%; newer plants are ramping up quickly.
Execution of large projects like Mumbai HVDC on track to complete between March-June FY'25, supporting revenue recognition and operating leverage.
Margin improvement levers include better order gross margins, cost controls, pricing excellence, and leveraging greenfield factories now filling with orders.
Operational EBITDA showed quarter-on-quarter improvement (3.0% to 6.3%), with guidance for steady margin expansion through FY'25.

See what Hitachi Energy management said on margin guidance — free account, 30 seconds.

Fundraise plans

There is no mention of any current or planned fundraising through debt or equity in the provided transcript excerpts from the analyst call on pages 3 to 18.
The company focuses on improving operational efficiency, margin expansion, and executing its strong order backlog.
Discussions center around order pipelines, margin improvement levers, project execution timelines, and business strategies such as exports, services, and HVDC technology.
No references were made to raising capital via debt or equity in these sections.

Order book

Yes

Current order backlog stands at INR 7,552 crore, providing revenue visibility for approximately 22 months.
Order inflow for the quarter ended December 31, 2023, was INR 1,235 crore, stable year-on-year but declined quarter-on-quarter due to exceptional previous quarter orders.
HVDC orders are about INR 2,000 crore within the total order backlog.
Export orders constitute roughly 25% of the order book; service orders about 9-10%.
Robust pipeline expected going forward, especially in HVDC, STATCOM, 765kV projects, and related digital infrastructure projects.
The company is actively pursuing renewable projects, data center orders (showing 92% YoY growth), and new transmission projects.
Mumbai HVDC project orders are included but revenue recognition is ramping up from Q4 of FY24.
The pipeline includes projects under schemes like RDSS, and varying bidding channels including EPCs and direct customer orders.

See what Hitachi Energy management said on order book — free account, 30 seconds.

Capex plans

Yes

Hitachi Energy has heavily invested over the last 2-3 years in setting up new green factories, including a Chennai power system and HVDC factory, which are now filling up with orders.
The company is implementing "Reiwa," a multi-year project to upgrade core ERP systems integrating business functions to enhance operational agility, quality, and productivity.
Several sustainability projects are planned, including EV charging points, Battery Energy Storage Systems, and electrification of equipment like forklifts to decarbonize operations.
Investment focus also includes digital infrastructure such as SCADA automation, DMS, EMS aligned with RDSS projects.
The company is expanding capabilities in exports and services as key growth levers, reflecting strategic investments to serve domestic and international markets.
Infrastructure investments support order backlog execution, including manufacturing critical components for key projects like Mumbai HVDC (completion expected by March-June 2025).

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