### **Company Overview** **Hitachi Energy India Limited** (formerly ABB Power Products and Systems India Ltd.) is a leading technology provider in power grid solutions, operating as the Indian subsidiary of **Hitachi Energy Ltd.**, a global powerhouse headquartered in Zurich, Switzerland. The company is listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) under the ticker **POWERINDIA** (Scrip Code: 543187). As a key enabler of India’s energy transition, Hitachi Energy India plays a strategic role in strengthening the nation’s transmission and distribution (T&D) infrastructure, supporting renewable energy integration, digitalization, and decarbonization. It serves over **three billion people** globally through its solutions, operating in **60 countries** with over **50,000 employees** and generating approximately **$16 billion in annual revenue**. In India, the company employs **2,481 personnel** and operates **19 manufacturing facilities across 8 locations**—Bengaluru, Vadodara, Mysuru, Chennai, and others—supporting the **"Make in India for India and for the World"** initiative. With **12 sales offices and 7 sales touchpoints**, the company maintains deep customer engagement across utilities, industry, transport, infrastructure, and data centers. --- ### **Core Business Units and Portfolio** The company is structured into **four core business units**, with a **fifth—Services—established from FY2025–26**: 1. **Grid Automation** Offers substation automation, SCADA systems, communication networks, and enterprise software (e.g., MicroSCADA X, Lumada APM). Supports smart grid transformation and digital twin technologies like **IdentiQ™**. 2. **Grid Integration** Delivers **HVDC (High Voltage Direct Current)**, **STATCOM**, offshore connections, and power quality solutions. Central to integrating large-scale renewables and stabilizing grids. 3. **Transformers** Provides power, traction, and specialty transformers, including **Scott and V-connected** variants for Indian Railways. Notable achievements include **100 MVA Scott transformers at 132 kV**—the largest deployed in India's 2x27.5 kV traction system. 4. **High-Voltage Products** Supplies gas-insulated switchgear (GIS), circuit breakers, instrument transformers, and **SF6-free Eco** products under the **EconiQ™ portfolio**, reducing lifecycle emissions by over 50%. 5. **Service (New Business Unit from Q1 FY2025–26)** Unifies lifecycle services across the group, offering **digitalized classic services, advanced services, and servitized solutions**. Launched on **April 1, 2025**, it is focused on monetizing the company’s massive **installed base worth ₹82,000 crores**, representing a **recurring addressable service market of ₹2,000 crores annually**. --- ### **Strategic Focus and Growth Drivers** #### 1. **Energy Transition and Decarbonization** Hitachi Energy is at the forefront of India’s clean energy transformation: - Powers **9 of India’s 17 HVDC links**, including the **±800 kV, 6,000 MW Bhadla–Rajasthan HVDC project**, crucial for evacuating 500 GW of renewable energy. - Supplies transformers for **one-third of Indian Railways’ locomotives** and powers **80% of India’s metro systems**. - Technology supports **over 60 GW of renewable capacity** and enables grid flexibility via **HVDC and STATCOM systems**, such as the **600 MVAr STATCOM project at Fatehgarh-3**. #### 2. **Digital Transformation** Digitalization is central to the company’s innovation strategy: - **Lumada-based platforms**: Lumada Asset Performance Management, Lumada Inspection Insights (AI/ML for satellite imagery), and MicroSCADA X. - **TXpert™ Ecosystem**: A digital twin platform for transformers, integrating sensors, monitoring, and predictive analytics. Deployed at India’s largest steel plant and metro systems. - **EnCompass™ and RelCare™**: Digital partnership services for lifecycle support. #### 3. **High-Growth Market Segments** The company is actively pursuing emerging sectors: - **Data Centers**: Powers **1 in 3 data centers in India**, including hyperscalers like Microsoft and a top tech firm in Hyderabad and Pune. Projects involve **220/330 kV transformers and GIS solutions**. Data center capacity is expected to **double by 2025–2026**. - **Rail & Metro Electrification**: Strategic partner to Indian Railways, supporting its **100% electrification goal** and **Mission Raftaar**. Developed unique **Scott and V-connected transformers** to enable 160 km/h operations (e.g., Vande Bharat Express). - **EV Charging**: Offers **Grid-eMotion™ Flash** (ultra-fast charging in seconds) and **Grid-eMotion™ Fleet** (grid-to-plug solution). Piloted with **Ashok Leyland at IIT Madras**. - **Battery Energy Storage (BESS), Green Hydrogen, and Microgrids**: Early mover in BESS and smart grid technologies. #### 4. **Manufacturing and 'Make in India'** India is a **global manufacturing and technology hub**: - **Chennai HVDC & Power Quality Factory**: Inaugurated in **February 2023**, it produces **HVDC Light®, STATCOM, MACH™ control systems**, and houses the **world’s second dedicated power quality testing lab**. - **Local manufacturing of 80% of its global portfolio**, serving export markets from India. - Exports account for **over 40% of non-HVDC orders** and **25–27% of total order book**, with major wins in **Croatia, Indonesia, Canada, the US, Europe, and Africa**. --- ### **Financial and Operational Highlights (Recent Periods)** | Metric | Data | |------|------| | **FY24 Revenue** | ₹5,247 crores | | **9MFY24 Order Backlog** | ₹18,994 crores | | **Dec 2024 Order Backlog (Including HVDC)** | ₹19,000 crores (record high) | | **Q3 FY25 Revenue (Oct–Dec 2024)** | ₹1,672.4 crores (+31% YoY) | | **Q3 FY25 Orders** | ₹11,594.3 crores (+838.8% YoY) | | **Q3 FY25 Profit Before Tax (PBT)** | ₹184.1 crores (+444.9% YoY) | | **Market Capitalization (as of Feb 2025)** | ₹51,500 crores | | **Funding (Q3 FY25)** | **₹2,520.82 crores** raised via qualified institutional placement (QIP) for growth capex | --- ### **Service Business Unit: A Strategic Shift** Launched on **April 1, 2025**, the **Service BU** aims to accelerate growth in lifecycle services: - Contributed **high single-digit percentage** to the order book in its first quarter. - **Service orders grew 90% YoY** in Q1 FY25, including **SCADA upgrades**, **annual maintenance**, **digitalization**, and **EV charging partnerships** (e.g., with the world’s largest data center provider). - Focus on **digital services**, **aging infrastructure**, and **lifecycle asset partnerships**. - Collaboration with all BUs to deepen engagement in **utilities, industries, and new-age customers**. --- ### **Major Projects & Milestones (2023–2025)** - **Raigarh-Pugalur HVDC**: Commissioned its **6th HVDC link in India**, a UHVDC project connecting central and southern grids. - **Kudus–Mumbai HVDC**: Secured the **first city-infeed HVDC project globally**, supporting Mumbai’s carbon-neutral goals. - **NTPC Khavda Solar Park**: Supplying **10 units of 315 MVA, 400 kV solar transformers**, the **highest-rated in India**. - **Vande Bharat Express**: Supplied **indigenous Scott transformers** for its semi-high-speed traction system. - **765 kV Natural Ester-Filled Transformer**: Successfully tested the **world’s first 765 kV single-phase, 250 MVA transformer** using **biodegradable ester oil**, enhancing safety and sustainability. --- ### **R&D and Innovation** - **Global R&D integration** with local adaptation; invested **₹190.71 crores in royalty/tech fees** to parent company in FY23. - Platforms: **TXpert™ Hub**, **IdentiQ™ (digital twins)**, **OceaniQ™ (offshore solutions)**, **EconiQ™ (eco-efficient products)**. - **Digital solutions pilots** with industrial and data center clients for IT/OT services, targeting ₹2,000 crores in digital orders by 2028. --- ### **Sustainability & ESG** - Committed to **Hitachi’s 2030 vision** and **India’s net-zero targets**. - **40% reduction in carbon emissions** from operations (YoY, Q2 FY23). - **SF6-free solutions** under **EconiQ™**, reducing lifecycle emissions by >50%. - Achieved **IEC 62443 cybersecurity certification**, ensuring secure digital solutions.