One of the leading technological companies of the world, Hitachi has recently reported its third quarter’s earnings report with robust profits. This Japanese technology giant that was once mired in huge losses  has informed about excellent growth in July-September quarter with a net profit of 71.99 billion Yen (about $890 billion US).  The earnings were reported under U.S. accounting standards.

In a scenario of volatile demand and stiff competition from Asian rivals, Hitachi has started distancing from consumer electronics and electronics components. Instead, it has started focusing on social innovation projects including infrastructure and IT projects that include railway systems, data center and electric power, etc.

Ironically, the company earned much of its profits and revenues from electronics components and automotive systems instead of key social innovation projects mentioned above.

“Profitability is steadily improving in every segment,” said executive vice president Takashi Miyoshi. “The automotive-systems and electronics-parts businesses stood out. We have now built a solid structure for generating profits in those segments,” he added. The next step, he said, is overseas expansion in those segments, including more business alliances abroad.

The company is also planning to launch the Initial Public Offering (IPO) for Hitachi Global Storage Technologies; its U.S. based hard-disk drive unit, but the time of launch is still to be decided.

A few days back, Hitachi Data Systems announced its Cloud partnership with industry leaders including Cisco, VMware and EMC. It was followed by the launch of its Cloud Content and VSP.