Hitachi Energy bags Rs 160 crore order

Hitachi Energy India said that it has won an order worth about Rs 160 crore from MP Power Transmission Package-II to modernize the Madhya Pradesh (MP) power grid.

The project involves strengthening the transmission system in the rural area of Madhya Pradesh and increasing the capacity and improving the reliability of the power infrastructure in the region.

The order for nine grid connections will strengthen the power transmission network spanning more than 1,000 kilometers of overhead lines across nine rural districts of Madhya Pradesh.

The state has increased its momentum to reach a target of 12 GW of renewable energy generation capacity by 2025 - through utility-scale solar, wind and hybrid installations as well as rooftop solar.

N Venu, managing director and CEO, Hitachi Energy India, said: "As more people get connected to the grid, electricity will form the backbone of the entire energy system, driven by a higher share of renewable energy. Reliable transmission and digitalization of the power network will be crucial to ensure a sustainable energy future.

Hitachi Energy is the world's leading provider of grid connections and power quality solutions, with an installed base of more than 10,000 projects worldwide, over 800 of which connect renewable energy sources to the grid. In India, Hitachi Energy operates under the legal entity name Hitachi Energy India (formerly known as ABB Power Products and Systems India).

The company's net profit rose 12.19% to Rs 61.66 crore on 6.71% rise in net sales to Rs 1,094.54 crore in Q4 December 2021 over Q4 December 2020.

The scrip shed 0.13% to currently trade at Rs 3,300 on the BSE.