Hitachi Energy - In The Catbird Seat: ICICI Securities

ICICI Securities Report

Hitachi Energy India Ltd. reiterated its strong outlook on transmission capex in medium term during the investor meet hosted by us on June 26, 2024. Other takeaways:

1. Healthy high voltage direct current pipelines,

2. indigenisation of up to 85% for HVDC,

3. doubledigit margin on sustained basis Q4 FY25 onwards,

4. exports contribute 25-30% of current orderbook and may remain so in the long run,

5. robust pipeline of 30 STATCOMs to be finalised over the next 18-24 months,

6. emphasised Indian factory importance for global supply chain,

7. investment in last four years to increase transformer capacity, HVDC, STATCOM and others and

8. data centre, railways and high speed railways will provide other avenues for growth.

The stock is currently trading at 327 times FY24 earnings.

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